The CryptoClarityAct, formally known as the Digital Asset Market Structure Clarity Act, aims to establish a comprehensive regulatory framework for digital assets in the United States. Introduced by Representative French Hill, the Act seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating cryptocurrencies.
Key Provisions:
- Digital Asset Classification: Defines digital assets and assigns regulatory responsibilities to the SEC and CFTC based on asset characteristics.
- Regulatory Jurisdiction: Divides oversight between SEC (securities) and CFTC (commodities).
- Stablecoin Regulation: Defines "permitted payment stablecoins" and subjects them to CFTC jurisdiction.
- Registration Requirements: Mandates registration for digital asset exchanges and brokers.
The Act passed the House of Representatives with bipartisan support but faces uncertainty in the Senate. If enacted, it would provide long-awaited regulatory clarity for the crypto industry, potentially boosting institutional investment and innovation.