The U.S. Senate Banking Committee advances the Cryptocurrency Regulatory Framework Clarity Act

U.S. senators are preparing to consider a long-awaited regulatory framework for the cryptocurrency sector next week, a move that is expected to break a long-standing legislative deadlock between digital asset companies and traditional banks. The Senate Banking Committee is scheduled to hold an executive meeting on the Clarity Act in Washington, D.C., at 10:30 a.m. Eastern Time on May 14 (22:30 p.m. Beijing time on May 14).
If signed into law, the bill would clarify financial regulators' jurisdiction over the fast-growing sector and define whether specific tokens are securities or commodities, providing the industry with what it calls "vital" legal certainty for the development of U.S. business.