On Tuesday, the US House Agriculture Committee voted 47 – 6 in favor of the Digital Asset Market Clarity Act. This bill aims to establish a regulatory framework for digital assets.
The bill will clarify the regulatory division of labor between the SEC and the CFTC regarding cryptocurrencies. It requires digital asset companies to disclose information to customers and segregate customer funds. The latest revised terms specify that non – custodial platforms and their developers do not belong to “unlicensed service providers”.
After being advanced by the House Agriculture Committee, the bill needs to be passed by the House Financial Services Committee before it can be submitted to the full House for a vote. Committee Chair GT Thompson said the bill would be sent to the House for consideration, and members with opposing views would have the opportunity to submit them by Friday.
The introduction of this bill comes as the Senate is expected to vote on the GENIUS Act, which is legislation to regulate payment stablecoins. The sponsors and co – sponsors of the Digital Asset Market Clarity Act hope to establish clear rules for digital asset companies to operate in the United States through this bill. It also aims to clarify whether certain investment vehicles fall under the purview of the SEC or the CFTC.
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