The post CLARITY Act Update: Gillibrand Confident Senate Will Pass Crypto Market Structure Bill appeared first on Coinpedia Fintech News
U.S. lawmakers are actively working to advance the CLARITY Act, a major bill aimed at regulating the crypto market.
U.S. Senator Kirsten Gillibrand says she is very optimistic that the Senate Agriculture Committee’s updated crypto regulation bill will move forward, even though Republicans and Democrats have not yet reached a final agreement.
Senate Gillibrand Confident That Crypto Bill Will Pass
Speaking in a recent interview about the updated draft released this week, Gillibrand said lawmakers from both parties have been working closely for the past six months.
She noted that “Nothing is holding up this bill.
Democrats and Republicans are negotiating constantly and are close to agreeing on the bill.”
Further, she said that the absence of a completed bipartisan deal is not stopping progress, as both parties are working better together and the bill is moving forward.
Even Senator Cynthia Lummis has asked Congress to move faster on passing the Clarity Act. She warned that the U.S. has only a short time to bring clear crypto rules into law under President Donald Trump.
Meanwhile, a markup session for the Agriculture Committee bill is set for January 27, and she expects it to happen even though a few issues still need agreement.
Two Committees, One Goal: Clear Crypto Rules
The crypto legislation is being handled through two Senate committees. The Agriculture Committee oversees the Commodity Futures Trading Commission, while the Banking Committee oversees the Securities and Exchange Commission.
Gillibrand said this split approach is necessary because digital assets often behave like both commodities and securities.
As a result, both committees are working on separate but related bills that together aim to define the crypto market structure clearly.
Banking Committee Delays and Vote Challenge
While the Agriculture Committee is moving ahead, the Banking Committee has delayed its own hearing multiple times. Reports suggest the CLARITY Act’s full Senate hearing could now slip to late February or March, partly due to broader political pressures.
For the bill to pass the Senate, 60 votes are required, meaning Republicans will need support from at least seven Democrats.
Gillibrand said that both parties must keep working together as the crypto bill moves closer to a final vote and could soon reach President Donald Trump.