On July 8th, according to Cointelegraph, the Coinbase crypto lobbying group and several crypto companies are calling on US House members to pass the CLARITY bill as soon as possible during next week's meeting to clarify the regulatory framework for the crypto industry.
In a joint letter issued on Monday, the Stand With Crypto Alliance and 65 crypto advocacy organizations and companies urged lawmakers to support the Digital Asset Market Clarity Act (CLARITY Act). The letter reads: "We know that some people are trying to politicize cryptocurrency legislation, but cryptocurrency technology is profoundly reshaping the global economy. If the United States does not quickly introduce friendly policies to support blockchain technology, it may fall behind other countries
The CLARITY Act clarifies the division of responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in cryptocurrency regulation. The bill grants most of the regulatory authority over the cryptocurrency market to the CFTC, while securities related cryptocurrency products are regulated by the SEC.
