TechFlame News, citing CoinDesk, reports that U.S. Senator Bill Hagerty is urging the Senate to pass the CLARITY Act (a digital asset market structure bill) as soon as possible, saying the U.S. cannot afford to fall behind in the digital asset space. He believes that establishing a clear regulatory framework is critical to driving U.S. digital asset innovation and maintaining global competitiveness. The CLARITY Act aims to clarify the division of regulatory responsibilities for U.S. digital asset markets and provide the crypto industry with a more defined set of rules. The bill is currently awaiting further consideration by the Senate.