Crypto firms, including Coinbase, are calling on the U.S. Congress for the swift passage of the CLARITY Act, which proposes regulatory changes for the crypto industry.
Importance of the CLARITY Act for the Crypto Industry
Crypto advocacy groups, including Stand With Crypto and 65 others, sent a letter urging support for the CLARITY Act. It emphasizes the need for clear rules to facilitate the rapid development of the crypto industry and warns of the risks that the U.S. could fall behind in global leadership without pro-crypto measures.
Congressional Discussion of Crypto Bills
During the week of July 14, the House of Representatives will consider the CLARITY Act along with other significant crypto bills, referred to as 'Crypto Week'. Among the bills are the Anti-CBDC Surveillance State Act, which seeks to ban a U.S. central bank digital currency, and the GENIUS Act, which regulates stablecoins.
Opposition from House Democrats
The CLARITY Act faces opposition from Democrats who are concerned about Trump's growing ties to the crypto industry. Maxine Waters, a senior Democrat on the Financial Services Committee, criticized the bill as 'rushed' and 'confusing', asserting that it could legitimize 'risky activities' within the crypto space.
The CLARITY Act remains a focal point for crypto firms and lawmakers, although it faces hurdles due to political disagreements.
