Key Highlights
- Senator Bill Hagerty said the CLARITY Act has enough momentum to pass and urged lawmakers to act quickly.
- He pointed to the GENIUS Act as proof that targeted crypto legislation can succeed.
- Hagerty said passing the bill would strengthen U.S. leadership in digital assets and financial innovation.
U.S. Senator Bill Hagerty, a Republican from Tennessee, voiced support for the CLARITY Act, stating the legislation has the momentum needed to pass and that lawmakers should act promptly.
During an appearance on Mornings with Maria on Fox Business on Monday, Hagerty pointed to the GENIUS Act in the stablecoin sector as evidence of what targeted legislation can achieve.
Why does Hagerty want CLARITY Act passed now?
Hagerty argued that passing the CLARITY Act would allow the United States to maintain its global leadership position in digital assets and financial innovation.
“It certainly has the momentum and, I think, the interest to get it done,” Hagerty said. He added that the current environment presents a significant opportunity for America to solidify its lead, particularly following positive developments in stablecoin regulation.
The senator emphasized the urgency of the matter. “The right time to do it is right now,” he stated. Hagerty warned against further delays, noting that while Congress has a crowded agenda, advancing the CLARITY Act should remain a priority. “I’d hate to see us kick the can down the road any further,” he remarked.
Supporters say the U.S. can’t afford to fall behind
The CLARITY Act aims to provide a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States. Supporters believe it would reduce uncertainty, foster innovation, and help prevent other jurisdictions from setting global standards in the sector.
Earlier today, President Donald Trump also urged the U.S. Senate to pass the CLARITY Act, honoring Senator Lindsey Graham as a major supporter of the legislation.
Trump argued that China and other countries are attempting to seize control of key financial innovations and artificial intelligence, sectors where the United States currently leads. He emphasized the need to prevent China from gaining dominance in these strategic areas.
What comes next for the CLARITY Act?
The bill has garnered attention as part of broader efforts to modernize financial regulations for blockchain technology as it moves forward for its hearing on July 17. Industry observers see the CLARITY Act as a logical next step to address broader cryptocurrency issues, including market structure, consumer protection, and oversight of decentralized platforms.
Hagerty acknowledged that Congress still faces a substantial legislative workload but expressed confidence that the bill could move forward, saying the conditions for its passage are already in place.
This latest expression of support comes amid ongoing discussions in Congress about digital asset bills. Lawmakers have been weighing various proposals as the cryptocurrency industry seeks regulatory predictability following years of enforcement-focused actions by regulators.
Hagerty’s remarks add to a series of positive signals from Republican lawmakers regarding crypto legislation. With improving sentiment in Washington, as noted by industry participants, the coming months may prove decisive for the bill’s prospects.
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