The CLARITY Act Is Moving Again in the Senate. Here's What Passage Would Change for Coinbase and Robinhood.
Its passage could make it easier for Coinbase and Robinhood to gain new customers.
Overview
The U.S. House of Representatives passed the CLARITY Act, which aims to establish a clear federal framework for regulating digital assets, last July. But since then, it's been stalled in the Senate due to conflicting opinions regarding stablecoin yields, public disclosures of crypto holdings, and other controversial issues.
Senators Thom Tillis and Ruben Gallego are trying to revise the act in a bipartisan push so it can be voted on before the Senate's summer break starts on Aug. 8, but it could be tough to meet that deadline. That means a final vote can't happen until after the recess ends in mid-September. Let's see what that delay -- and potential passage -- might mean for Coinbase (NASDAQ: COIN) and Robinhood (NASDAQ: HOOD), which both favor clearer regulations for the crypto market.
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Originally published at www.fool.com.