Crypto Lobby Group Urges Congress to Support the CLARITY Act

BlockBeats News, July 8 — According to a report by Cointelegraph, a crypto lobbying group from a certain exchange, along with several crypto companies, has called on members of the U.S. House of Representatives to swiftly pass the CLARITY Act during next week’s session to establish a clear regulatory framework for the crypto industry.

In a joint letter sent this Monday, the Stand With Crypto Alliance and 65 crypto advocacy organizations and companies urged lawmakers to support the Digital Asset Market Clarity Act (CLARITY Act). The letter stated: “We are aware that some are attempting to politicize crypto legislation, but crypto technology is profoundly reshaping the global economy. If the United States does not promptly introduce supportive policies for blockchain technology, it risks falling behind other countries.”

The CLARITY Act clarifies the division of responsibilities between the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in crypto regulation. The bill grants the CFTC primary regulatory authority over most of the crypto market, while crypto products related to securities will be overseen by the SEC.