The CLARITY Act aims to shift primary oversight of cryptocurrencies from the SEC to the CFTC to streamline federal digital asset regulation.
Bitcoin and Ethereum would be officially recognized as commodities, changing how these networks are governed and traded in U.S. markets.
Minority Day Hearings requested by Democrats may delay progress and reflect growing scrutiny over changing the structure of crypto regulation.
The House Financial Services Committee will begin the official markup of the CLARITY Act on Tuesday, June 10, at 10:00 AM EST. The session is expected to be a pivotal moment in shaping federal cryptocurrency oversight. The bill proposes to reassign key regulatory duties over digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
A unique aspect of the CLARITY Act is how it puts Bitcoin and Ethereum in the category of commodities. The purpose of this reclassification is to make digital assets’ rules similar to those of commodities already recognized by regulators. Some people believe this would result in a better understanding of the market and integration of these assets, along with others.
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Democratic lawmakers have asked for Minority Day Hearings, and this could lead to a delay in moving the bill further. These hearings would ensure that the opponents of the bill’s particular parts were able to contribute more thoughts and suggestions. The request creates doubts over when the bill will go through a full committee review.
Busy Week for Crypto Policy in Washington
Tuesday’s markup session is part of a broader week of significant activity in Washington related to cryptocurrency regulation. On Monday, the SEC is set to host its final industry roundtable focused on decentralized finance. Also on Tuesday, the Senate Banking Committee will hold a hearing for Brian Quintenz, a former CFTC commissioner and crypto policy figure, adding to the policy focus.
The CLARITY Act is seen as a potential turning point in federal crypto policy. It could serve as a gauge of whether lawmakers are prepared to shift regulatory control and adopt clearer legal frameworks. While some Republicans have shown support, opposition from Democrats suggests that achieving bipartisan agreement remains a challenge.
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