French Hill Eyes Bipartisan Path for Clarity Act Ahead of September Vote

According to Bitcoin Magazine, U.S. Congressman French Hill stressed the importance of bipartisan support to advance the crypto market structure bill, known as the Clarity Act, prior to the midterms. Hill stated on Fox Business that Democrats and Republicans have narrowed their differences regarding the bill's draft. A vote is scheduled for September 15 following a delay from the August recess.

Hill, who serves as House Financial Services Chairman and introduced the bill last year, noted that remaining issues include an ethics provision. The Clarity Act establishes a framework dividing oversight between regulators to determine whether digital assets are securities, commodities, or stablecoins. The House passed the legislation last July, but it stalled amid clashes between the banking lobby and crypto companies over stablecoin yield.

Additionally, the bill addresses ethics by banning government officials from promoting or profiting from crypto. Bitcoin Magazine reported that Coinbase Chief Policy Officer Faryar Shirzad praised bipartisan work on the bill in July, while President Donald Trump stated in August that lawmakers must pass the legislation to maintain U.S. leadership in crypto.