The US Senate Agriculture Committee passed a cryptocurrency regulatory bill centered on the CFTC…formally initiating discussions with the SEC on responsibility sharing.
As part of its efforts to reform the cryptocurrency market structure, the U.S. Senate Agriculture Committee passed the Digital Commodity Intermediaries Act, formally initiating measures to strengthen the regulatory authority of the Commodity Futures Trading Commission.
The bill passed the Republican-led Senate Agriculture Committee on the 29th local time with 12 votes in favor and 11 against. It is part of the CLARITY Act, a broad draft bill for cryptocurrency regulation, and the result of a bicameral process following its passage in the House of Representatives last July. The bill includes provisions defining digital assets as "digital goods," as well as registration obligations and operational standards for exchanges.
In particular, the bill distinguishes the regulatory responsibilities between the CFTC and the Securities and Exchange Commission, and includes provisions for providing specific financial support to the CFTC to establish a regulatory system for the spot market. Accordingly, the bill aims to establish a cooperative system between the two agencies to minimize regulatory gaps in the cryptocurrency market.
Committee Chairman John Buzman stated in a committee statement: "This decision is an important step forward in establishing clear rules for the digital asset market," and "will help protect consumers and restore trust in the market."
The CLARITY Act, a draft bill in the U.S. Senate to regulate cryptocurrencies, aims to clarify the legal classification of cryptocurrencies and the role of regulatory agencies. Its core element is the separation of jurisdiction, making the CFTC the regulatory body for certain assets such as Bitcoin, while the SEC regulates other security tokens.
However, the CLARITY Act is currently being discussed in a more comprehensive version by the Senate Banking Committee, with the schedule being rescheduled ahead of a vote postponed until earlier this year. Coinbase CEO Brian Armstrong has strongly opposed the provisions concerning decentralized finance and the content that effectively prohibits tokenized security assets during this process.
The passage of the bill by the Agriculture Committee is significant, serving as a signal from the US Congress to clearly establish a regulatory body. Whether or not the Banking Committee's overall "CLARITY" bill passes will likely be a watershed moment in measuring the institutionalization of the US cryptocurrency industry.
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This article was generated based on the TokenPost.ai language model. It may omit key content or contain factual inaccuracies.
