Two committees in the House of Representatives voted this week to advance the so-called Clarity Act intended to create an official regulatory framework for crypto and digital assets. The Agriculture Committee voted 47-6 in favor of the measure Tuesday, followed by a 32-19 vote in favor Wednesday by the Committee of Financial Services. The bill would establish clear authority lines among the financial regulatory agencies which oversee different types of trading.
The two panels have marked separately (that is to say debated and voted on proposed amendments) of the bill which fall under their respective jurisdictions: the raw materials and the commodities future trading commission for agriculture, and securities and the sec for financial services.
The two versions will now be combined in a single bill which will go to the ground for a vote by the full chamber.
Although the bill has found bipartite support for the Agriculture Committee, it was faced with fierce opposition from democrats on the financial services committee which required changes to attack what they consider President Trump and corrupt cryptographic trading of the Trump family.
“Let us call this bill What it is: precipitated, complicated and useless legislation which ignores the creeping cryptographic corruption which takes place in the street while leaving the investors of our dry country,” said the classified member Maxine Waters (D-CA) in his opening remarks before the vote. “We have to return to the drawing board on it.
Democrats held A minority audience Friday to highlight the problem. The witnesses of the session included the former president of the CFTC, Timothy Massad.
During the increase on Wednesday, however, the committee voted several amendments offered by the Democrats.
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“This bill does not concern a person’s personal finances,” said the president of the French Hill committee (R-AR). “It is not a bill for ethics.”
In a statement that followed the vote, Hill said: “Blockchain technology and digital assets are reshaping on the future of American finance – which includes a safer, decentralized and inclusive system. Congress has a historic opportunity to provide the clear regulatory framework necessary to unlock this innovation. ”
The votes to advance the bill praised the cryptographic community.
“Today marks a historic moment for the digital asset industry,” said JI Kim, president and acting CEO of the Crypto Council for Innovation, in a press release.
“The chamber financial and agriculture committees both advanced the Clarity Act – a major step towards clear cryptography rules that define the roles of the dry and the CFTC, protected the self -cuire and save consumers,” added Kim.
The question of whether and when the bill will obtain a vote in the full chamber is not clear. With July 4th And the corners of August are looming, the congress no longer remains legislative days before fall and is currently involved in a controversial debate on the Big Beautiful Budget Bill.
The Senate has not yet assumed the law on clarity. This objective this week was on the so-called Genius Act intended to erect railings for the delivery of stablecoins fixed to the dollar. The bill adopted a procedural stage on Monday and a full senate vote could arrive this week.
