US Cryptocurrency Rules Nearing Turning Point Amid CLARITY Act Vote
Ripple CEO Brad Garlinghouse says the United States is at a turning point in its effort to define cryptocurrency rules. This comes as Congress prepares for a September vote on the CLARITY Act, which seeks to clarify when digital assets fall under securities or commodities oversight.
The CFTC's inaugural Innovation Advisory Committee meeting on August 20 brought together regulators, crypto executives, and traditional finance leaders to discuss digital assets, artificial intelligence, and prediction markets. Garlinghouse described the gathering as an 'Olympic roster' of industry and financial-market leaders.
Since the meeting, the SEC has proposed a broader framework for regulating digital assets, including new fundraising exemptions and a possible safe harbor for some digital assets. However, agency rules do not provide the same durability as federal legislation.