Coinbase and Crypto Advocates Push for Regulatory Clarity with the CLARITY Act
In a significant move toward establishing clear regulations for the cryptocurrency industry, Coinbase‘s lobbying arm, alongside 65 crypto organizations, has urged US House lawmakers to pass the CLARITY Act. This legislation aims to define the regulatory framework for cryptocurrencies, assigning most oversight to the Commodity Futures Trading Commission (CFTC), while the Securities and Exchange Commission (SEC) would handle crypto-related securities.
The Importance of the CLARITY Act for Crypto Regulation
The collective letter from Stand With Crypto and other advocacy groups emphasizes the urgent need for standardized rules. Without clear guidelines, the US risks losing its competitive edge as innovation and talent migrate to more crypto-friendly jurisdictions.
- Prevents the US from falling behind in crypto leadership
- Provides clear rules for developers and users
- Encourages innovation through regulatory certainty
Congress to Review Crypto Bills During ‘Crypto Week’
House Speaker Mike Johnson announced that the House will review the CLARITY Act, along with other significant crypto bills, during ‘Crypto Week’ starting July 14. This includes the Anti-CBDC Surveillance State Act and the GENIUS Act, which has already passed the Senate.
Challenges and Opposition to the CLARITY Act
Despite strong support, Democrats have voiced concerns. Maxine Waters, a leading Democrat on the House Financial Services Committee, criticized the act as hastily drafted and overly complex.
Expert Perspectives on Crypto Regulation
“The CLARITY Act is a critical step for the US crypto industry,” said a spokesperson from Stand With Crypto. “Without it, we risk ceding ground in the global economy.”
Next Steps for Crypto Legislation
The CLARITY Act’s progress through Congress is under close scrutiny. Senate Banking Committee Chair Tim Scott aims to pass a comprehensive crypto market structure bill by the end of September.
