Senate's Last-Ditch Effort to Pass Crypto Clarity Act Before Recess
The US Senate has just one day to pass the Crypto Clarity Act before it heads into recess. The bill, formally known as H.R. 3633, aims to provide clarity on which regulatory agency oversees digital assets in the country.
The bill draws a clear jurisdictional boundary between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The CFTC would be responsible for overseeing digital commodities, while the SEC retains authority over investment contracts. This clarification is seen as crucial for crypto firms operating in the US.
Over 200 crypto companies, including Coinbase, have publicly urged the Senate to pass the bill swiftly. Bitcoin and Ethereum are expected to benefit initially from the bill's passage, given their existing institutional infrastructure and potential classification under the CFTC's framework.