The House Financial Services Committee has advanced the CLARITY Act, a landmark crypto market structure bill.
The legislation passed the major hurdle with a vote of 32-19. It secured some minor bipartisan support, with Rep. Ritchie Torres (D‑NY) and Rep. Cleo Fields (D-LA) joining the Republicans to advance the legislation.
The bill aspires to establish a clear regulatory framework for cryptocurrencies.
It stipulates that the CFTC will oversee digital commodities while the SEC retains authority over investment contracts. Over time, some tokens might no longer be subject to SEC oversight. The two agencies are supposed to collaborate with each other in order to establish a cohesive regulatory framework.
"The CLARITY Act incorporates ideas and feedback from stakeholders, experts, and members of Congress from across the ideological spectrum. Crucially, this bill is going to cement the U.S. as the center of innovation in the digital asset space," Red. Bryan Steil (R-WI) said.
The advancement of the bill is seen as another major legislative win for the cryptocurrency community.
Faryar Shirzad, chief policy officer at cryptocurrency exchange Coinbase, has stated that this could be one of the biggest weeks for crypto in terms of crypto policy:
"By Friday, we could see clear rules around stablecoins pass the Senate and productive markups of the CLARITY Act in two House Committees," he said.
