Rep. Lummis Says Clarity Act Passage Would Allow Banks to Hold BTC Directly

U.S. Republican Senator Cynthia Lummis, known for her pro-crypto stance, said that if the Clarity Act passes, U.S. banks would be allowed to directly buy and hold Bitcoin and other cryptocurrencies. According to CoinGecko, she told Bloomberg Crypto in an interview on Thursday that "the price of BTC would rise significantly" if the bill is passed, arguing that allowing banks to hold crypto could lead to large-scale capital inflows. The Clarity Act's Section 401 permits U.S. banks to directly buy and sell cryptocurrencies. Meanwhile, the U.S. Senate is scheduled to vote on a cloture motion Thursday regarding whether the Clarity Act will proceed to full debate, requiring at least seven Democratic votes to reach the necessary 60 votes for passage.