According to The Block, the crypto advocacy group Stand With Crypto, in collaboration with 65 institutions, has sent a letter to the US House of Representatives urging lawmakers to support the Digital Asset Market Clarity Act. The bill will clarify the regulatory division between the SEC and CFTC, requiring cryptocurrency companies to disclose retail financial information and isolate customer funds. It is expected to enter the review process next week. On the Senate side, Banking Committee Chairman Tim Scott and Congressman Cynthia Lummis released relevant legislative principles last month, and a digital asset hearing will be held on Wednesday.
The letter specifically mentioned the urgency of legislation, stating that the United States needs to establish a regulatory framework by the end of September to avoid falling behind global competition. However, the advancement of the bill faces the risk of politicization, and the Democratic Party may demand restrictions on the Trump family's related cryptocurrency businesses (estimated by Bloomberg to have profited approximately $620 million through the family's cryptocurrency projects). TD Cowen, an investment bank, analyzed that the Republican Party needs to strike a balance between meeting Democratic regulatory requirements and maintaining Trump's support.
