Senator Lummis: Bitcoin Could Rise if the CLARITY Act Becomes Law

As the critical Senate vote on the CLARITY Act approaches, Senator Cynthia Lummis stated that the bill could provide a strong boost for Bitcoin. Lummis expressed that the legislation could offer a legal framework for U.S. banks to hold digital assets, including Bitcoin. She argued that restrictions on banks could be eased, and if the regulation is enacted, Bitcoin could rise significantly. The CLARITY Act aims to allow federally licensed banks to provide digital asset custody, lending, and brokerage services. The bill envisions banks being able to hold digital assets on their balance sheets. At least 60 votes are needed for the procedural vote in the Senate scheduled for September 15. With Republicans holding 53 seats, at least seven Democratic senators' votes are necessary. The White House is trying to persuade Republican senators. Meanwhile, Democrats are demanding stronger ethical provisions to limit conflicts of interest related to crypto for public officials and their families. Additionally, a separate regulation regarding crypto taxation will be considered in the House of Representatives. The Digital Asset Tax Certainty Act proposes to exempt network and transaction fees under $10 from taxation.

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