Coinbase’s lobbying arm and a group of crypto companies have urged U.S. House members to quickly pass a major bill when they meet next week that will shed light on how the cryptocurrency industry is regulated.
exist letter Sent Monday, hosted with cryptocurrencies and 65 crypto advocacy groups and corporate companies, House legislators are asked to support the Digital Asset Market Clarity Act – also known as the Clarity Act.
“We know that efforts have been made to politicize crypto legislation, but cryptocurrencies have greatly reshape the global economy, and unless we adopt a pro-Claytop policy that fully covers blockchain technology, the risks in the United States are lagging behind.”
The Clarity Act sets out the role of the Commodity Futures Trading Commission and the Securities and Exchange Commission in police cryptocurrencies. It gives most of the CFTC jurisdiction, but SEC Association Specification Products like securities related to encryption.
U.S. cryptocurrency leadership “slips”, group says
The group’s letter was signed by the non-killable token heavyweight Opensea and Dapper Labs and others, claiming that there are “already “there are already signs of slipping down in our cryptocurrency leadership.”
“The lack of standardized rules has hindered the adoption and innovation of institutions, pushing talent and businesses into more crypto-friendly jurisdictions abroad,” the organizations said.
“We cannot let inaction and uncertainty harm our ability to ensure the future of the U.S. economy,” it added. “Most importantly, the U.S. cryptocurrency industry needs market structure – ensuring clear road rules and providing regulatory clarity that developers, users and advocates need to continue to innovate.”
Houses that consider clear behavior during ‘crypto week’
Republican House Leader said Thursday they will consider the Clarity Act There are two other encrypted tickets The week starting on July 14, they call it “crypto week.”
House Speaker Mike Johnson said the chamber will also review the central bank digital currency imposed anti-CBDC surveillance state bills and stable genius bills.
The Genius Act is likely to be the top priority of the agenda as it has passed the Senate, and U.S. President Donald Trump said last month that he hopes the bill Pass as soon as possiblebefore Congress takes a month off in August.
Clarity Act could be the next person to hit Trump’s desk, just like the entire House after the House Financial Services Committee and the Agriculture Committee In advance on June 10.
It still has to pass the Senate, Senate Banking Committee Chairman Tim Scott said last month Want to pass The Crypto Market Structure Act “before the end of September.”
Democrats may undermine clarity
Senate Democrats have The efforts of the frustrated Republican To quickly pass the genius bill to the House, concerns about Trump’s growing crypto connections were cited, and House Democrats have shown similar concerns about Clarity Act.
Maxine Waters, the leading Democrat on the House Financial Services Committee, Said at the hearing In early June, Clarity Act was a “rushing, overly complex bill” that exempted “some of the most risky activities” in cryptocurrencies.
“Legitimizing Trump’s cryptocurrency is far from the only terrible thing about this confusing and reckless legislation,” she added.
Trump has It was reportedly added Thanks to his and his family’s cryptocurrency, which now includes a cryptocurrency trading platform, Stablecoin, Crypto mining business, NFTS and multiple tokens, will give him a net worth of at least $620 million.
Magazine: Coinbase Hack Shows Laws May Not Protect You – That’s Why
