《CLARITY Act》 to Face U.S. Senate Banking Committee Review Today

BlockBeats News, May 14th, the U.S. Senate Banking Committee will hold a committee hearing on the "Crypto Market Structure Bill" (known as the CLARITY Act) at 10:30 a.m. ET today (10:30 p.m. Beijing time tonight). This is a key step in the legislative process. If passed, the CLARITY Act will move forward to a full Senate vote.

However, for the CLARITY Act to ultimately become law, it must go through several procedures. If the version passed by the Senate is identical to the version already passed by the House, the bill will be sent directly to the President for signature (or automatic enactment). It is more common for there to be differences between the two chambers' versions. In this case, it will enter a reconciliation stage, which can be achieved through "amendment back and forth" or the formation of a bicameral conference committee to negotiate the final unified text, after which both chambers will vote on this unified version. Once both chambers pass entirely identical text, the bill is formally sent to the President, and the entire process may still take weeks to months.

The latest revised version of the CLARITY Act is crucial for DeFi, as it will provide DeFi developers in the U.S. with clearer legal protection and developer safeguards for protocol development. Regarding regulatory issues, the CLARITY Act may, like the GENIUS Act did for stablecoins, bring new growth to DeFi.