On July 8, according to Cointelegraph, the Coinbase crypto lobbying group and multiple crypto companies called on U.S. House representatives to quickly pass the CLARITY Act during next week's meeting to clarify the regulatory framework for the crypto industry.
In a joint letter issued on 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 know that some are trying to politicize crypto legislation, but crypto technology is profoundly reshaping the global economy, and the United States may fall behind other countries if it does not quickly introduce blockchain-friendly policies."
The CLARITY Act clarifies the responsibilities of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in crypto regulation. The act grants most crypto market regulatory powers to the CFTC, while crypto products related to securities will be regulated by the SEC.
