According to Deep Tide TechFlow news on July 8, 65 cryptocurrency organizations, including Coinbase's lobbying group Stand With Crypto, have urged U.S. House members to swiftly pass the Digital Asset Market Clarity Act (CLARITY Act) during meetings next week, as reported by Cointelegraph.
The bill clearly defines the responsibilities of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating cryptocurrencies, granting most regulatory authority over cryptocurrencies to the CFTC, while the SEC will be responsible for overseeing crypto-related securities products.
The joint letter points out that the lack of standardized rules hinders institutions from adopting and innovating, pushing talent and businesses to more friendly jurisdictions overseas. The U.S. House of Representatives will review the CLARITY Act and two other cryptocurrency bills, including the Anti-Central Bank Digital Currency Act and the Stablecoin Regulatory Act (GENIUS Act), during the "Cryptocurrency Week" starting on July 14.