Senate advances sweeping crypto bill, setting up September vote

The Senate advanced legislation on Saturday that would establish the first comprehensive federal framework for the cryptocurrency industry.The final vote will take place when Congress returns in September from its August recess.
Senate Majority Leader John Thune, R-S.D., took procedural action to advance the CLARITY Act, which is a major priority for the cryptocurrency industry.
The bill would establish clearer rules for digital assets and determine whether particular tokens fall under securities or commodities laws, according to the Associated Press.
The bill would divide regulatory authority over the digital asset market, giving the Commodity Futures Trading Commission a larger role while defining which cryptocurrencies should fall under the jurisdiction of the Securities and Exchange Commission.

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