Crypto Trade Groups Unite to Ask Congress to Pass CLARITY Act
Leaders in the Industry Encourage Legislators to Provide Regulatory Clarity
The Blockchain Association, The Digital Chamber, and Crypto Council for Innovation joined to write a July 11 joint letter to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries urging the leaders to bring the bipartisan CLARITY Act forward expeditiously.
Jointly signed by Blockchain Association CEO Summer Mersinger, Crypto Council President Ji Hun Kim, and The Digital Chamber CEO Cody Carbone, the letter praised the bill as “meaningful progress” toward regulatory clarity.
“The CLARITY Act is meaningful progress toward the regulatory certainty our industry requires to fuel innovation and for blockchain technology to thrive in the United States,” said the CEOs.
A Push to Move Oversight from SEC to CFTC
If the CLARITY Act were to be passed, it would primarily transfer control of virtual currencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
The transition is generally seen as a triumph for the crypto community, long disparaged the SEC’s enforcement-through-regulation approach. Industry organizations emphasized that CFTC oversight would make clear the framework to ensure innovation and further cement the U.S. as the blockchain technology leader of the world.
The letter also called on the Senate to seize the House momentum and collaborate with the industry to push bipartisan crypto market structure bills.
Thanksgiving Week now more than ever now referred to as “Crypto Week”
Political Divide Expands.
The request comes ahead of so-called “Crypto Week” on Capitol Hill. Democratic lawmakers, however, Maxine Waters and Stephen Lynch, had another idea by introducing their own “Anti-Crypto Corruption Week.”
House Rep. Lynch rebuked the Republican plan, stating:
“My Republican colleagues are eager to continue doing the crypto industry’s bidding and conveniently ignoring the weaknesses and potential for abuse that come with crypto.”
While both camps are digging in on either side of the crypto regulation battle, the future of the CLARITY Act and broader digital asset legislation remains uncertain—but the industry’s demands for simple rules just keep getting louder.”.
