The post US Lawmakers Push Forward CLARITY Act to Define Crypto Rules for SEC and CFTC appeared first on Coinpedia Fintech News
Today, the House Committees of Financial Services and Agriculture passed the bipartisan CLARITY Act (H.R. 3633), setting it for a full floor vote next. The financial committee advanced the measure with a 32-19 vote, agriculture committee passed it with a 47-6 vote.
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Representative Maxine Waters voiced concerns while warning that certain provisions in the bill can lead to a conflict of interest. Her comment indicated the ties between political leaders and the crypto industry.
Brad Sherman stated that the bill could lead to industry bailouts and regulatory arbitrage. Former CFTC Chairman Timothy Massad called the CLARITY Act ‘complex’ while stating that the bill has expanded confusion rather than resolving the issues of crypto regulatory ambiguity.
After seeking approval from both committees, the CLARITY Act will proceed to the full House for votes and arguments. And if it is ultimately enacted, then it will become the first comprehensive law in the US for a crypto and digital assets regulatory framework. While the US Senate remains uncertain, the upper chamber works on enhancing digital asset law.
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