One of the hottest topics on the agenda in the US lately continues to be the Crypto Asset Market Structure (CLARITY) Act.
While the Senate Agriculture Committee postponed its vote on the CLARITY Act, originally scheduled for January 15, to the last week of January, the Senate Banking Committee will vote as planned on Thursday.
With only two days remaining before the vote, the US Senate Banking Committee has released the full text of the CLARITY Act.
Crypto in America host Eleanor Terrett announced in a post that the Senate Banking Committee has released the full text of the CLARIT Act.
The 278-page draft law, which will also regulate altcoins, appears to grant some altcoins the same regulatory status as Bitcoin (BTC) and Ethereum (ETH).
According to Eleanor Terrett’s report, the bill in question would consider regulating some cryptocurrencies with ETFs in the US in a manner similar to BTC and ETH.
The bill proposes that a cryptocurrency be exempt from additional disclosure requirements if it is part of an ETF traded on a national securities exchange and registered under Section 6 of the Securities Exchange Act. This means that details such as who controls the crypto project and how the coin distribution will be handled will not need to be reported to the SEC.
In this context, market participants interpret that XRP, Solana (SOL), Litecoin (LTC), Hedera (HBAR), Dogecoin (DOGE), and Chainlink (LINK) will be subject to the same regulations as Bitcoin and Ethereum from the date the law comes into effect.
*This is not investment advice.
