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BTC The U.S. Senate is about to hold a procedural vote on the Digital Asset Market Clarification Act
On September 15, the U.S. Senate will hold a procedural vote on the high-profile Digital Asset Market Clarity Act. The bill is the most comprehensive cryptocurrency regulatory legislation in the United States to date and aims to clearly distinguish between the respective regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Thebill raises controversy
The legislation aims to clarify which crypto assets are securities and which are commodities. However, in the past few months, progress of the bill has encountered repeated obstacles due to multiple disputes.
Several large banks oppose the bill's provisions on stablecoin rewards, fearing that it would weaken their customer base. Democrats are trying to include an ethics clause that restricts senior federal officials and their spouses from using their positions to seek personal gain from digital assets.
According to a recent report by the Associated Press, three major Republican drafters said President Donald Trump had agreed to most of the terms of the strict ethics proposal. However, core Democrat and Republican Senator Thom Tillis of North Carolina are not convinced that the restriction will be enough to address their conflict-of-interest concerns about Trump's crypto-asset transactions. The senators also called for a language clause that would allow state attorneys general to step in and enforce the law, rather than just relying on the Justice Department.
Senate leadership statement
On September 14, Cynthia Lummis (R-WY), chairman of the U.S. Senate Banking Digital Assets Subcommittee, and chairmen John Boozman (R-AR) and Tim Scott (R-SC) jointly released the final draft of the CLARITY Act, saying it contained 126 substantive changes made at the request of Democrats.
Loomis said: "A No vote on Tuesday would mean opposing real moral reform that targets personal investment by politicians, ceding U.S. leadership in digital assets to foreign competitors, and giving Americans zero protection in the digital asset market." She added: "Democrats got what they wanted; now they need to accept 'yes' as an answer."
Cloture voting is a formal parliamentary process used to end debate and force a vote on legislative proposals. According to the rules, the bill needs 60 votes to move to the next stage. That means at least seven Democratic senators need to vote in favor.
Market News: Giant Whales are laid out ahead of schedule
As the crypto industry waits for a Senate vote on September 15, a crypto trader purchased millions of dollars worth of Bitcoin (BTC) last week. According to data from online analytics platform Lookonchain, the trader purchased 1,075.6 bitcoins in four days at a price of approximately US$79,412 each.
Data shows that a "giant whale" spent US$85.42 million in USDC in the past four days and purchased 1,075.6 BTC units at an average price of US$79,412. Although the trader's wallet address is public, his true identity is usually not disclosed, so the millionaire trader's identity remains anonymous.
According to Decibel data, Bitcoin has gained 25% in a month after a long bear market and is currently trading at US$78,749.
