The US House Financial Services Committee has advanced the Digital Asset Market Clarity (CLARITY) Act, resulting in a 32 to 19 vote to send the bill to the House floor for a vote. Bill sponsor Representative French Hill emphasized the act's potential to create a forward-looking regulatory framework for digital assets, ensuring participation from all in the crypto space. The legislation defines the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission in overseeing digital assets, and requires crypto exchanges and brokers to meet specific registration, disclosure, and recordkeeping standards. Additionally, it protects users' rights to hold crypto in non-custodial wallets. An amendment was proposed to exempt certain blockchain developers from being classified as money transmitters. While some lawmakers raised concerns about potential conflicts of interest, the bill is seen as a significant step toward establishing a regulatory environment for cryptocurrencies in the US.

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