US Senate Banking Committee to Vote on Revised 309-Page CLARITY Act on May 14

According to the US Senate Banking Committee, the committee is scheduled to vote on the revised CLARITY Act on May 14. The updated 309-page draft, which has been under preparation since January, addresses previous concerns from cryptocurrency companies regarding decentralized finance protections and stablecoin provisions.

Cardano founder Charles Hoskinson stated that the bill must retain Section 604 to protect open-source developers, dismissing calls to remove the clause as "absurd." Hoskinson argued that removing the provision would unfairly hold developers liable for crimes committed by unauthorized third parties using their software, threatening the open-source innovation environment.