Senate Banking Committee weighs crypto legislation amid democratic concerns

The Republican-led Senate Banking Committee is set to consider long-awaited cryptocurrency legislation on Thursday, marking a significant step for a bill that has faced delays amid disagreements between crypto firms and banks. The proposed Clarity Act aims to define regulatory jurisdiction over the cryptocurrency sector. The committee's mark-up session will involve senators debating, amending, and voting on whether to advance the legislation. The outcome is expected to indicate whether the bill can secure at least seven Democratic votes needed to pass the full Senate. Democrats have voiced strong opposition to the measure, arguing that its anti-money laundering provisions are insufficient and that it should prohibit political officials from profiting from cryptocurrency ventures.