Crypto Market Structure Bill Passes One House Committee, But Faces Steep Climb in Another
The post Crypto Market Structure Bill Passes One House Committee, But Faces Steep Climb in Another appeared on BitcoinEthereumNews.com. In brief The CLARITY Act passed the House Agriculture Committee Tuesday with a firmly bipartisan 47-6 vote. The crypto market structure bill faces a steeper climb on the House Financial Services Committee, which is still debating the legislation. Both committees, which jointly wrote the CLARITY Act, must pass the bill before it can be considered by the House. The CLARITY Act successfully passed a vote by the House Agriculture Committee Tuesday—a widely expected outcome that still leaves plenty of hurdles for the crypto market structure legislation to overcome. The bill, which would create a framework in the United States for issuing and trading most cryptocurrencies, passed the Ag Committee Tuesday morning in a decidedly bipartisan 47-6 committee vote. At the same time, down the hall, the CLARITY Act faced more intensive scrutiny from Democrats in a markup by the House Financial Services Committee. The bill must pass markups by both committees—which jointly drafted it—before the legislation can proceed to consideration on the House floor. Both committees independently marked up sections of the bill today pertaining to their respective purviews: commodities and the CFTC for Agriculture, and securities and the SEC for Financial Services. Those two marked up versions of the bill, if both are passed, will then be combined into one comprehensive bill and introduced on the floor, a Republican House staffer confirmed to Decrypt. The CLARITY Act would see most crypto assets formally exempted from the SEC’s authority, and instead regulated by the more hands-off CFTC. Token issuers could opt to register with a more rigorous regime at the SEC if they sought certain perks, including the ability to sell directly to institutional investors. Some experts, cited by Democrats, have warned the bill could also have deregulatory ramifications beyond the crypto sector. At the start of the Financial…
The post Crypto Market Structure Bill Passes One House Committee, But Faces Steep Climb in Another appeared on BitcoinEthereumNews.com.
In brief The CLARITY Act passed the House Agriculture Committee Tuesday with a firmly bipartisan 47-6 vote. The crypto market structure bill faces a steeper climb on the House Financial Services Committee, which is still debating the legislation. Both committees, which jointly wrote the CLARITY Act, must pass the bill before it can be considered by the House. The CLARITY Act successfully passed a vote by the House Agriculture Committee Tuesday—a widely expected outcome that still leaves plenty of hurdles for the crypto market structure legislation to overcome. The bill, which would create a framework in the United States for issuing and trading most cryptocurrencies, passed the Ag Committee Tuesday morning in a decidedly bipartisan 47-6 committee vote. At the same time, down the hall, the CLARITY Act faced more intensive scrutiny from Democrats in a markup by the House Financial Services Committee. The bill must pass markups by both committees—which jointly drafted it—before the legislation can proceed to consideration on the House floor. Both committees independently marked up sections of the bill today pertaining to their respective purviews: commodities and the CFTC for Agriculture, and securities and the SEC for Financial Services. Those two marked up versions of the bill, if both are passed, will then be combined into one comprehensive bill and introduced on the floor, a Republican House staffer confirmed to Decrypt. The CLARITY Act would see most crypto assets formally exempted from the SEC’s authority, and instead regulated by the more hands-off CFTC. Token issuers could opt to register with a more rigorous regime at the SEC if they sought certain perks, including the ability to sell directly to institutional investors. Some experts, cited by Democrats, have warned the bill could also have deregulatory ramifications beyond the crypto sector. At the start of the Financial…
What's Your Reaction?
