U.S. Republican Senator Cynthia Lummis said that if the CLARITY Act passes, U.S. banks will be able to directly purchase and hold digital assets, including Bitcoin.
In an interview with Bloomberg Crypto on the 15th, Senator Lummis said the CLARITY Act would ease restrictions on banks’ holdings of digital assets. She argued that Bitcoin’s price could rise significantly if bank funds flow into the cryptocurrency market.
According to CoinGape, Section 401 of the CLARITY Act designates the buying and selling of digital assets by banks as a permitted activity, including activities related not only to custody and brokerage but also to direct holdings.
The Senate is scheduled to hold a cloture vote on the 15th to begin floor consideration of the CLARITY Act. Republicans currently hold 53 seats, meaning at least seven Democratic votes would be needed to reach the 60 votes required for passage.