House Finance Committee Pushes Crypto Market Structure Bill
The US House Committee on Financial Services has advanced the Digital Asset Market Clarity (CLARITY) Act, which will proceed to a full House vote. The bill received a 32 to 19 vote after earlier support from the House Agriculture Committee. The CLARITY Act aims to establish a regulatory framework for digital assets, defining roles for the Securities and Exchange Commission and the Commodity Futures Trading Commission. It includes registration requirements for crypto exchanges and protects users' rights to hold crypto in non-custodial wallets. An amendment introduced by Representative French Hill seeks to exempt certain blockchain developers from being classified as "money transmitters." Some Democrats, including Maxine Waters and Brad Sherman, have proposed amendments addressing potential conflicts of interest and prohibiting future industry bailouts.
