US senator says CLARITY bill to advance next week

U.S. Senator Bill Hagerty said the crypto market structure bill (CLARITY), which has been stalled for months, will begin its formal legislative process as early as next week. According to Cointelegraph, Hagerty stated that Republican lawmakers plan to bring the bill before the Banking Committee on April 13. He added that while a few contentious issues remain, such as stablecoin interest and ethics regulations, they are not insurmountable. The CLARITY bill requires approval from both the Agriculture and Banking committees to advance to a full Senate vote. The Agriculture Committee passed its own amended version in January, but the bill's progress in the Banking Committee has been delayed due to opposition from the banking sector over stablecoin interest. The outlet noted that political momentum is expected to accelerate with the upcoming U.S. midterm elections and the influence of well-funded companies pushing for the legislation.