Crypto Lobby Urges Congress Quickly Pass Crypto CLARITY Act
Coinbase and 65 crypto firms have urged US House lawmakers to pass the Digital Asset Market Clarity Act (CLARITY Act) to establish clear regulations for the crypto industry. The act delineates the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), assigning most jurisdiction to the CFTC while the SEC oversees crypto-related securities. The groups warn that the lack of standardized rules is hindering institutional adoption and pushing businesses abroad, jeopardizing the US's economic future. The House plans to consider the CLARITY Act during "Crypto Week," alongside other bills. However, Senate Democrats have expressed concerns, labeling the act as rushed and overly complicated, with potential ties to former President Trump's crypto ventures raising additional scrutiny.
