The Republican-led Senate Banking Committee is set to consider long-awaited legislation that would create regulations for cryptocurrencies. This marks a milestone for the bill, which has been stalled by disputes between crypto companies and banks.
The Clarity Act would clarify regulators' jurisdiction over the sector. Thursday's mark-up, where senators debate and vote on advancing the bill, will indicate if it can secure the seven Democratic votes needed to pass the full Senate.
Many Democrats oppose the bill, arguing its anti-money laundering provisions are too weak. Elizabeth Warren has said it risks national security and the financial system.
