After Genius Act, Focus Shifts To Clarity Act: US Senator - Watcher Guru

Wyoming Senator Cynthia Lummis discusses the latest developments in cryptocurrency legislation, particularly the CLARITY Act and stablecoin regulations during Trump's second presidency.

In a recent CNBC interview, Senator Lummis revealed that legislative focus has shifted to the CLARITY Act following the passage of the Genius stablecoin Act. The Senate is developing its own version of the CLARITY Act, which introduces "ancillary assets" as a new category for digital assets that don't fit traditional securities or commodities definitions. This legislation aims to provide regulatory clarity between the SEC and CFTC while maintaining US leadership in digital finance and encouraging domestic blockchain development.

• The CLARITY Act creates regulatory framework to prevent contradictory rules from SEC and CFTC
• New "ancillary assets" category addresses digital assets outside traditional securities/commodities definitions
• Senator Lummis proposes allowing cryptocurrency holdings in mortgage applications
• Trump's pro-crypto stance includes establishing a digital asset reserve and appointing Paul Atkins to lead SEC