Golden Finance reports that in the process of regulating cryptocurrencies, significant progress was made at the meeting of the House Financial Services Committee of the United States. The highly anticipated “CLARITY Bill” was successfully passed with 32 votes in favor and 19 against. Now, the bill has officially embarked on a new journey and will be submitted to the House of Representatives for a full vote.
The CLARITY Act, whose full name is the Digital Asset Market Transparency Act, has attracted widespread attention both within and outside the cryptocurrency industry since its proposal. Its core objective is to establish a clear and definite regulatory framework for crypto assets, putting an end to the long-standing ambiguous regulatory situation in the cryptocurrency field. If the bill is successfully passed in the full vote of the House of Representatives, it will have a profound impact on the cryptocurrency market in the United States and even globally.
Previously, during the review process of the Financial Services Committee, there were many discussions and disputes regarding this bill. For instance, although the amendment “prohibiting President Trump and his friends from profiting from trading or promoting crypto assets” was rejected, it reflected the concerns of some lawmakers about the connection between the interests of political figures and crypto assets. The amendment “to enable the CFTC (Commodity Futures Trading Commission of the United States) to charge more fees from market participants” was passed. Furthermore, on June 10, the House Agriculture Committee passed another version of the bill by a vote of 47 to 6. This positive development has injected impetus into the subsequent advancement of the bill in the Financial Services Committee.
The CLARITY Act aims to clarify the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the field of crypto assets, avoiding regulatory overlap and gaps. At the same time, it is required that crypto enterprises fully disclose information to customers and strictly isolate customer funds, so as to enhance the protection of investors and improve market transparency.
As the CLARITY Act is submitted to the House of Representatives for a full vote, practitioners in the cryptocurrency industry, investors, and related stakeholders are all closely monitoring the subsequent developments. If this bill is eventually implemented, the cryptocurrency market will enjoy a more standardized and orderly development environment. This will not only help reduce market risks and enhance investor confidence, but also may attract more traditional financial institutions to enter the cryptocurrency field, injecting new vitality into the industry’s development. But at the same time, some people are also worried about issues such as the possible increase in compliance costs after the implementation of the bill. In the future, the fate of the CLARITY Act will continue to tug at the nerves of the cryptocurrency market.
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