Block Joins Forces with Big Finance to Push for Clarity on Digital Assets

Block, the payments company co-founded by Jack Dorsey, has urged lawmakers to pass the CLARITY Act in a letter sent to the U.S. Senate.

The proposed bill aims to establish a clear regulatory framework for digital assets, addressing the long-standing issue of which ones are securities and which are commodities.

Block's support comes after similar public declarations from major financial institutions such as BlackRock and Franklin Templeton, both of which have urged Congress to provide legal certainty for the crypto market.

The CLARITY Act seeks to assign regulatory authority to either the SEC or CFTC, reducing litigation and encouraging investment in the sector.