- The U.S. House Committee on Financial Services advanced the Digital Asset Market Clarity (CLARITY) Act, moving it to the full House for a vote.
- The bill passed two committees, with a 32-19 vote in the Financial Services Committee and a 47-6 vote in the Agriculture Committee.
- The legislation sets clear roles for both the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in overseeing digital assets.
- Amendments were proposed to protect blockchain developers and clarify their regulatory requirements.
- Some lawmakers expressed concerns about potential conflicts of interest and future bailouts related to the crypto industry.
The U.S. House Committee on Financial Services has advanced the Digital Asset Market Clarity (CLARITY) Act to a full House vote after approval on Tuesday. Lawmakers passed the bill with a 32-19 vote in the Financial Services Committee following a 47-6 vote by the House Agriculture Committee. The legislation aims to define regulatory responsibilities for digital assets in the United States.
Bill sponsor French Hill stated that the measure is intended to “create a fair, functional, forward-looking regulatory framework that captures everyone participating in it.” The bill clarifies which digital asset activities fall under the SEC and the CFTC, and it sets up provisional CFTC registration for exchanges, brokers, and dealers handling digital assets.
As described by Bryan Steil, chairman of the Financial Services Crypto Subcommittee, the passage marked a “big step forward” for U.S. leadership in digital financial services. The legislation also includes guidelines for disclosures, customer asset segregation, and recordkeeping for digital asset exchanges. Additionally, it ensures protections for individuals using non-custodial wallets, which allow users to hold and transact cryptocurrencies directly without a central intermediary.
Earlier this week, Hill introduced an amendment focused on the treatment of blockchain developers who do not control networks. The amendment would ensure that some developers and service providers are not classified as "money transmitters," which would otherwise require them to register with financial regulators.
Some Democrats, including Maxine Waters and Brad Sherman, voiced concerns about the broader implications of the bill. Waters proposed amending the legislation to address potential conflicts of interest connected to President Donald Trump’s crypto-related activities, suggesting these could benefit him or his family. Sherman sought an amendment to prevent possible future industry “bailouts.”
The CLARITY Act now awaits a vote on the full House floor. For more information, see the announcement by Financial Services GOP and comments from Bryan Steil.
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