Crypto Market Structure Bill Passes One House Committee, But Faces Steep Climb in Another
The CLARITY Act passed the House Agriculture Committee with a bipartisan vote of 47-6, aiming to establish a regulatory framework for cryptocurrencies in the U.S. The bill must also pass the House Financial Services Committee, where it faces more scrutiny. If both committees approve their respective sections, they will be combined for a full House vote. The Act would exempt most crypto assets from SEC regulation, placing them under the CFTC's authority, while allowing token issuers to register with the SEC for certain benefits. Democrats raised concerns about potential deregulation and the bill's implications for decentralized finance (DeFi). Amendments proposed by Democrats, including restrictions on President Trump's crypto ventures, were rejected. The markup process is expected to be lengthy due to numerous amendments. Republicans urged Democrats not to hinder the bill's progress, emphasizing its importance for the country.
