Clarity Act Nears Final Passage with CFTC Chairman's Support

The Clarity Act, a legislative proposal aimed at clarifying the regulatory authority of the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) over digital assets, is nearing final passage according to CFTC Chairman Mike Selig.

The bill would classify most cryptocurrencies as commodities under CFTC oversight while securities-like tokens would remain under SEC authority.

Selig stated that the agency has been preparing for the bill's passage by developing internal procedures for registration, compliance, and enforcement.

The Clarity Act's passage would provide regulatory clarity to the crypto industry, potentially encouraging traditional financial firms to enter the space and increasing market stability.