Reported Delays on the Crypto Market Structure Legislation

The US Senate Banking Committee is reportedly delaying the CLARITY Act, a crypto market structure bill, for several weeks to months as it prioritizes housing legislation. The crypto bill, which aims to clarify the regulatory boundaries between the SEC and CFTC over digital assets, has seen opposition from Democrats and banking lobby groups, leading to further delays. In response, Republican Senator John Boozman released an updated version building on the postponed bipartisan legislation. Despite the delay, the crypto market saw minor reactions, with Bitcoin recovering from a slump to $87,300 to reach $90,000 in early Asian trading. Meanwhile, Ether prices reclaimed $3,000, and there were slight gains for XRP, Monero, and Canton.