The Major Cities Chiefs Association announced its support for the Clarity Act on Thursday, saying the bill effectively addresses financial crime concerns. This new backing comes as lawmakers attempt to pass the legislation before the August congressional recess. The bill, which aims to create a regulatory framework for the U.S. cryptocurrency market, passed the House of Representatives last year with significant bipartisan support but has been stalled since. An updated version was introduced last week, including new law enforcement provisions and prohibiting government officials and their families from promoting cryptocurrencies.
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