CLARITY Act is the second major congressional initiative to regulate the U.S. crypto industry, following the Senate's GENIUS Act focused on stablecoin regulation

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The legislation is expected to become the second major congressional effort toward establishing U.S. regulations for the crypto industry.

Stablecoin legislation is still the frontrunner to be the first major piece of U.S. crypto law, but Thursday's introduction pushes the ball forward on the more important and complex of the two companion efforts.