Chairman of the Senate Committee on Banking, Housing and Urban Affairs Tim Scott, R-S.C., and ranking member Elizabeth Warren, D-Mass., are among 24 senators who will vote on the Digital Asset Market Clarity Act, a bill to set a framework for regulating cryptocurrency, on Thursday. Photo by Bonnie Cash/UPI | License Photo
The Senate Banking Committee will vote on Capitol Hill on Thursday on a bill to establish a framework for regulating the cryptocurrency industry.
The Digital Asset Market Clarity Act, designed in part by stakeholders in the cryptocurrency industry, divides oversight between the Securities Exchange Commission and the Commodity Futures Trading Commission. It also may shield crypto companies from lawsuits and investigations.
The latest version of the bill was published by committee chairman Sen. Tim Scott, R-S.C., on Tuesday. There are 13 Republicans and 11 Democrats on the committee, including ranking member Sen. Elizabeth Warren, D-Mass.
The bill does not include restrictions on government officials investing or participating in the cryptocurrency industry.
Warren is among some Democrats in the Senate to voice concern about the bill.
“This bill puts investors, our national security and our entire financial system at risk — and it will turbocharge Donald Trump’s crypto corruption,” Warren said in a statement earlier this week.
The Trump administration has loosened enforcement on cryptocurrency, including ending investigations that began under the Biden administration. Trump has also been directly involved in the industry, launching his own digital coin $Trump just before his inauguration. First lady Melania Trump also launched a cryptocurrency around the same time.
The White House has denied Trump is in violation of any conflict of interest rules, calling it “absurd for anyone to insinuate that this president is profiting off of the presidency.”
A group of political action committees funded by cryptocurrency firms spent more than $130 million during the 2024 election cycle supporting Republicans and Democrats who were supportive of the industry.
This week in Washington
Vice President JD Vance speaks during a news conference on anti-fraud initiatives in the Indian Treaty Room of the Eisenhower Executive Office Building at the White House on Wednesday. Photo by Daniel Heuer/UPI | License Photo
