TechFlow News, May 31: According to a Cointelegraph report, U.S. Senator Cynthia Lummis stated that if Congress fails to pass the digital asset market structure bill—the Digital Asset Market Clarity Act (the “CLARITY Act”)—the United States risks falling behind other countries, including China, in leadership on cryptocurrency regulation. She emphasized that enacting a comprehensive crypto regulatory framework would help ensure that other nations do not write the rules for the next era of finance.
Earlier, the U.S. Senate Banking Committee voted in May to advance the bill; however, it still requires passage by both chambers of Congress and the President’s signature before becoming law.
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