The crypto infrastructure bill Clarity Act has received bipartisan support with votes of 47-6 and 32-19, awaiting the consolidation of amendments before the full vote.
The Clarity Act – a major U.S. bill aimed at establishing a legal framework for the digital asset market infrastructure – has passed two key committees in the House yesterday. The House Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC), has amended and approved the bill with 47 votes in favor and 6 against. Shortly after, the House Financial Services Committee, responsible for overseeing the Securities and Exchange Commission (SEC), also approved the bill with a ratio of 32-19.
The committee will need to consolidate the corresponding amendments before the Clarity Act bill is brought to a full vote in the House of Representatives. Bipartisan consensus is clearly demonstrated through statements from the leadership of the committees, showing a positive trend in building the legal framework for the crypto industry.
"Blockchain technology and digital assets are reshaping the future of finance in the United States – moving towards a safer, more decentralized, and more inclusive system. Congress stands at a historic opportunity to enact a clear legal framework to unlock this innovation," said House Financial Services Committee Chairman French Hill, while thanking lawmakers from both parties.
Different from FIT 21
Previously, last year, the House passed the FIT 21 bill with a similar goal, however, due to not being approved by the Senate, the legislative process had to restart. Although both FIT 21 and the Clarity Act aim to create legal clarity for digital assets, the Clarity Act takes a different approach regarding the scope of tokens regulated.
Some experts are concerned that only a few tokens will qualify under the Clarity Act, while the majority will still fall into a legal gray area. This raises debates about the practical effectiveness of the bill in addressing the current regulatory issues of the industry.
As of now, the Senate has not yet released its own bill, although Senator Cynthia Lummis has indicated that it is in the process of being finalized. This delay could impact the overall progress of crypto legislation in the U.S.
Meanwhile, the stablecoin legislation has progressed further with both the House and Senate having separate bills. On Monday, Senator John Thune pushed for procedures to expedite the amendment process of the GENIUS Act, paving the way for a potential full vote in the Senate as early as this week. This shows strong momentum from both chambers in finalizing the legal framework for digital assets.
