According to ChainCatcher, the crypto advocacy organization Stand With Crypto has united 65 entities to urge U.S. lawmakers to support the Digital Asset Market Clear Act. This bill aims to establish a clear regulatory framework for the crypto industry, delineate the regulatory roles of the SEC and CFTC, require digital asset companies to disclose client information and segregate client funds, and is expected to enter the review process next week.
In addition, Senate Banking Committee Chairman Tim Scott and Representative Cynthia Lummis released relevant legislative principles last month, and a hearing on digital assets will be held on Wednesday. The letter specifically mentions the urgency of legislation, noting that the U.S. needs to establish a regulatory framework by the end of September to avoid falling behind global competition.