New Delhi, May 15 -- The Republican-led Senate Banking Committee on Thursday advanced the long-awaited CLARITY Act, a landmark bill aimed at creating regulations for cryptocurrencies after months of delays caused by tensions between crypto firms and banks.

The bill, which was advanced with support from two Democrats, will now proceed to the full Senate, setting the stage for a fierce lobbying fight.

Expert notes that it marks a significant moment for the global crypto industry as it seeks to provide long-awaited regulatory clarity to a sector that, despite over 40% of Americans already having exposure to digital assets, has operated for more than a decade without a clearly defined legislative framework.

What makes this development impo...