The majority party voted in the House of Representatives committees for Financial Services and Agriculture to move forward with the CLARITY Act, which aims to structure and regulate the cryptocurrency market.

♦️What is the CLARITY Act?

The CLARITY Act is a comprehensive bill introduced by the Financial Services and Agriculture committees of the House of Representatives, establishing a clear regulatory framework for digital assets, including the cryptocurrency market.

It essentially divides jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) based on the nature of the asset and the level of decentralization.