The U.S. House has passed the Clarity Act, reallocating authority for regulating digital asset markets to the Commodity Futures Trading Commission (CFTC). This legislation may significantly change the landscape of cryptocurrency regulation.
Shift to CFTC Oversight
The Clarity Act, approved on July 18, gives the CFTC regulatory powers over most digital assets, including Bitcoin and Ethereum. This decision aims to clarify market structure and enhance regulatory transparency.
Lawmakers’ Perspectives
Congressman French Hill, a sponsor of the Act, commented: "I'm very pleased to see the House continue to advance its approach to a clear market structure for digital assets." He expressed optimism about ongoing efforts in this crucial area.
Impact on the Crypto Market
Following these changes, the cryptocurrency market is expected to experience shifts. The Clarity Act might define regulatory boundaries and promote technological growth within the crypto sector, according to experts.
The passage of the Clarity Act is an important milestone in structuring the digital asset market and could significantly affect its future. Stakeholders are keenly watching the Senate's response.
