Clarity Act Hearing Scheduled by U.S. House Committee for July 17, Passage Before Independence Day Unlikely

The U.S. House Financial Services Committee has scheduled a hearing on the cryptocurrency market structure bill, known as the Clarity Act, for July 17 in New York, according to the committee's calendar. The Clarity Act aims to establish a dual regulatory framework where cryptocurrencies like Bitcoin would be under the supervision of the Commodity Futures Trading Commission (CFTC), while those considered investment contracts would fall under the jurisdiction of the Securities and Exchange Commission (SEC).