US Congress Revives Efforts to Regulate Cryptocurrency Market Amid FTX Fallout

After a period of dormancy, the US Congress is once again taking steps to regulate the cryptocurrency market. A key factor driving this renewed interest is the recent collapse of FTX, which has prompted lawmakers from both parties to engage in discussions about how to set rules for the industry without stifling innovation.

The Senate Banking Committee is expected to mark up a draft version of the Clarity Act by the end of April, with floor consideration potentially taking place in May. The House Financial Services Committee will likely follow suit once the Senate has finalized its version, allowing both chambers to align their efforts.