The CLARITY Act has been the talk of town within the cryptocurrency community for quite some time now. According to Senate Majority Leader John Thune the Senate may hold an initial vote on the legislation before its planned recess this week. Thune stated, “I think market structure we’ll get a vote on. Whether we can get on it or not, we’ll see.” The Senate Majority Leader further added that the Senate has “a bunch of stuff we have to finish” in a tight window.

Why Is The CLARITY Act Important For The Cryptocurrency Market?

The CLARITY Act aims to bring more regulatory clarity to the budding asset class. The legislation also aims to bring more investor protection. If passed the law could lead to investors feeling a lot more safe within the cryptocurrency sector. The cryptocurrency landscape is plagued with scams and hacks that has kept a significant number of people away from it. However, the CLARITY Act could change this outlook.

The CLARITY Act may be a beneficial move for the cryptocurrency sector, however, some lawmakers are asking for more ethics language. The ethics language was raised especially keeping the Trump family’s cryptocurrency profits in mind. Some lawmakers believe people in power should not be able to profit from the cryptocurrency sector. The Trump family has made over $1 billion in profits from cryptocurrency trading since President Trump took office.

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It is still unclear if the CLARITY Act will be passed or not. Some lawmakers are in support, others want more ethical language, and some are in opposition. Senate Majority Leader Thune did state that, “I think we will vote. Whether it can advance remains to be seen.” His words give strength to the argument that the CLARITY Act may or may not be passed. What happens next remains to be seen.