Committee Summary of 'The CLARITY Act' Speech: The Digital Revolution is here and will regulate digital assets in an innovative way

BlockBeats News, May 15th, The Cryptocurrency Market Structure Act, also known as the CLARITY Act, was formally approved by the U.S. Senate Banking Committee for consideration. Democratic Senator Brooks expressed support for the bill's advancement. He stated: The digital revolution is here, providing a clear opportunity to support small businesses, create wealth, and spur innovation. The reality is that this digital revolution has already arrived, whether we regulate it or not, whether we set rules or not. My 20-year-old daughter and her peers have made it very clear to me: they are very interested in this innovation, they believe the digital revolution is crucial, they not only want to be able to participate safely, but also want to have what every American wants - a real and growing economic opportunity, as well as an opportunity to create intergenerational wealth.

That's why I have been involved in negotiations for over nine months, aiming to regulate digital assets in a way that protects consumers, reduces the risk of capital flight, and still allows for innovation. I have sincerely negotiated with colleagues from both parties and appreciate their hard work. Based on this sincerity, I voted today to support the bill's advancement. But I must make it very clear: my vote today is to continue the work, and does not mean that I will continue to vote in support of the passage of the CLARITY Act in the full Senate, because we still have a lot of work to do.

I know we need to find a viable way to address law enforcement's concerns about financial crime. I myself am a former prosecutor and understand the importance of this. We also need to incorporate an ethics agreement that applies not only to the president and vice president, but to all of us. The American people, especially my constituents, expect us to do this. We also need to collaborate with our colleagues in the House Agricultural Committee on their draft. We still need to work hard. I will continue to work with my colleagues to get things done right.

Every American, from every background and community, should benefit economically from this digital revolution, and should be protected from the risks it brings. If we do not take action, we will be left behind.