Coinbase and Crypto Allies Urge U.S. House to Pass CLARITY Act for Clearer Bitcoin Regulation

On July 8, the Coinbase-backed lobbying coalition and a consortium of crypto enterprises urged U.S. House representatives to expedite the passage of the CLARITY Act, aiming to establish a definitive regulatory framework for the cryptocurrency sector. The Stand With Crypto Alliance, alongside 65 prominent crypto advocacy groups, emphasized the necessity of the Digital Asset Market Clarity Act in a joint communication, highlighting the risk of the U.S. lagging behind global competitors without prompt legislative action. The proposed legislation delineates the jurisdictional boundaries between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), assigning the CFTC oversight of most crypto market activities, while reserving securities-related crypto products under SEC regulation. This regulatory clarity is expected to foster a more stable and transparent environment for digital asset markets, promoting investor confidence and facilitating innovation within the blockchain ecosystem.