Coinbase and over 65 crypto organizations have sent a letter to US lawmakers urging support for the crypto asset regulation bill.
Appeal to Congress
On Monday, the group Stand With Crypto, including firms like OpenSea and Dapper Labs, called on lawmakers to support the Digital Asset Market Clarity Act, known as the CLARITY Act. The House is expected to consider the bill next week.
Details of the CLARITY Act
The CLARITY Act aims to clarify the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing crypto. Under the bill, most of the industry would fall under CFTC supervision, while the SEC would continue to regulate crypto-related securities.
Democratic Opposition
Democratic opposition remains strong. House Financial Services Committee ranking member Maxine Waters criticized the CLARITY Act as a "rushed, overly complicated bill" that would exempt "some of the riskiest activities" in crypto. She also accused Republicans of trying to "legitimize Trump’s crypto con," citing the former president’s growing personal ties to the industry.
Legislative efforts to regulate crypto assets continue to spark debate among politicians, with calls for clearer standards and pressure from both Republicans and Democrats.
