U.S. House Committees Pass Key Cryptocurrency Regulation Bill 'CLARITY Act', Moves to Full House

On the 10th, the U.S. House Agriculture Committee passed the Digital Asset Market Transparency Bill (CLARITY Act) by a significant margin of 47 to 6. The bill was also voted on by the House Financial Services Committee on the 11th, passing both committees and moving forward as a comprehensive bill to the full House session. The bill clearly delineates regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing a comprehensive regulatory framework for the cryptocurrency industry. Digital asset companies will be required to disclose information to customers and manage customer funds separately. An amendment added the previous day addresses how unmanaged cryptocurrency platforms and developers are treated as money transmitters or unlicensed money service businesses...