On the 10th, the U.S. House Agriculture Committee passed the Digital Asset Market Transparency Act (CLARITY Act) by a large margin of 47 to 6. The bill is also scheduled for a vote in the House Financial Services Committee on the same day, and after passing both committees, it will be sent to the House floor as a comprehensive bill.
The bill clearly delineates the regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing a comprehensive regulatory framework for the cryptocurrency industry. Digital asset companies will be required to disclose information to customers and manage customer funds separately.
The amendments added the previous day clarified that non-custodial cryptocurrency platforms and developers would not be treated as remittance operators or unlicensed remittance service providers. This is expected to reduce the legal risks for DeFi developers.
Oregon State Representative Andrea Salinas (Democrat) assessed that the bill, while "not perfect," strengthens financial protections by requiring exchanges to maintain capital to cover operating costs and customer obligations, thereby preventing the next FTX collapse. However, she also expressed concerns about the lack of personnel and budget for regulatory authorities.
The CLARITY bill was submitted to the House in a bipartisan manner at the end of May, and it includes provisions that clearly exclude most cryptocurrencies from being classified as securities. The Blockchain Regulatory Certainty Act (BRCA) that has been incorporated this time aims to prevent software developers and blockchain service providers who do not manage or hold customer funds from being unfairly required to register as money transmitters.
Industry organizations such as the DeFi Education Fund, Digital Chamber of Commerce, Blockchain Association, Bitcoin Policy Institute, and Uniswap Labs have been demanding the inclusion of the BRCA market structure bill. They argue that P2P-type software developers and decentralized network infrastructure providers, lacking custodial elements, should not be treated the same as traditional financial institutions.
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The U.S. House Committee has approved the important cryptocurrency regulation bill "CLARITY Act," moving it to the floor for a vote.
On the 10th, the U.S. House Agriculture Committee passed the Digital Asset Market Transparency Act (CLARITY Act) by a large margin of 47 to 6. The bill is also scheduled for a vote in the House Financial Services Committee on the same day, and after passing both committees, it will be sent to the House floor as a comprehensive bill.
The bill clearly delineates the regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing a comprehensive regulatory framework for the cryptocurrency industry. Digital asset companies will be required to disclose information to customers and manage customer funds separately.
The amendments added the previous day clarified that non-custodial cryptocurrency platforms and developers would not be treated as remittance operators or unlicensed remittance service providers. This is expected to reduce the legal risks for DeFi developers.
Oregon State Representative Andrea Salinas (Democrat) assessed that the bill, while "not perfect," strengthens financial protections by requiring exchanges to maintain capital to cover operating costs and customer obligations, thereby preventing the next FTX collapse. However, she also expressed concerns about the lack of personnel and budget for regulatory authorities.
The CLARITY bill was submitted to the House in a bipartisan manner at the end of May, and it includes provisions that clearly exclude most cryptocurrencies from being classified as securities. The Blockchain Regulatory Certainty Act (BRCA) that has been incorporated this time aims to prevent software developers and blockchain service providers who do not manage or hold customer funds from being unfairly required to register as money transmitters.
Industry organizations such as the DeFi Education Fund, Digital Chamber of Commerce, Blockchain Association, Bitcoin Policy Institute, and Uniswap Labs have been demanding the inclusion of the BRCA market structure bill. They argue that P2P-type software developers and decentralized network infrastructure providers, lacking custodial elements, should not be treated the same as traditional financial institutions.