Crypto trade groups are urging lawmakers to pass the bipartisan CLARITY Act, which would largely shift crypto regulatory jurisdiction from the SEC to the CFTC.
In a July 11 letter to Speaker of the House Mike Johnson and House Minority Leader Hakeem Jeffries, three prominent crypto trade groups urged Congress to enact the CLARITY Act.
Crypto Trade Groups Urge Congress To Pass Crypto Legislation
The three digital asset policy collectives, which include Blockchain Association CEO Summer Mersinger, Digital Chamber CEO Cody Carbone, and President and Acting CEO of the Crypto Council for Innovation Ji Hun Kim, urged U.S. lawmakers to advance the “important” crypto legislation in a letter on Friday.
“The CLARITY Act is a significant step forward in achieving the regulatory certainty that is essential for the flourishing of blockchain technology in the United States and the promotion of innovation within our industry,” stated the CEOs.
“The advancement of this bipartisan market structure legislation underscores the U.S.’s commitment to being the global leader in digital assets,” they continued.
If implemented, the CLARITY Act would primarily result in the transfer of crypto regulatory responsibilities from the United States Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
The move would be a victory for crypto proponents, following years of the SEC’s regulation-by-enforcement approach and treating digital assets as securities.
The letter urges the Senate to capitalize on the momentum generated by the House and develop a close relationship with industry stakeholders to expedite the introduction of bipartisan market structure legislation to the Senate floor. “We are eager to continue our collaboration with both chambers to guarantee the United States’ leadership in digital assets.”
Congress Prepares for Rivalry in Crypto Weeks
The blockchain trade groups issue their letter ahead of the Republican Party’s planned “Crypto Week” on Capitol Hill.
Nevertheless, Democratic lawmakers Maxine Waters and Stephen Lynch announced on Friday that they would be initiating their own “Anti-Crypto Corruption Week” in response to Republicans’ crypto legislative initiative.
Congressman Lynch stated, “My Republican colleagues are enthusiastic about continuing to advocate for the crypto industry while simultaneously disregarding the vulnerabilities and opportunities for abuse that are inherent in the crypto space.”
