Appeal for the CLARITY Act
Three prominent cryptocurrency associations have made an appeal to Congressional leaders requesting the passage of the CLARITY Act. In a letter dated July 11 addressed to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries, executives from the Blockchain Association, the Digital Chamber, and the Crypto Council for Innovation emphasized the necessity of this legislation for the crypto industry’s future.
Importance of the CLARITY Act
The CEOs—Summer Mersinger of the Blockchain Association, Cody Carbone of the Digital Chamber, and Ji Hun Kim from the Crypto Council—asserted that the CLARITY Act is crucial for establishing the regulatory framework required to promote innovation and allow blockchain technology to flourish within the United States. They expressed that the bipartisan nature of the proposed market structure legislation would signal a robust U.S. commitment to lead in the global digital assets arena.
Regulatory Changes
If the CLARITY Act is passed, it would transfer significant regulatory authority over cryptocurrencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This change would be seen as a positive development for the crypto community, especially in light of the SEC’s previous enforcement-heavy strategy regarding digital assets, which treated many of them as securities.
Call to Action
In the letter, the trade associations also called on the Senate to sustain the momentum generated in the House and to actively collaborate with industry participants to bring this important legislation to a vote. They expressed their eagerness to work with both Senate and House members to further solidify America’s leadership in the digital asset space.
Political Context
The timing of the letter coincides with an upcoming “Crypto Week” organized by Republican lawmakers in Congress. In a contrasting move, Democratic representatives Maxine Waters and Stephen Lynch have announced plans for an “Anti-Crypto Corruption Week,” highlighting their concerns regarding the cryptocurrency sector. Congressman Lynch criticized his Republican counterparts for aligning with the interests of the crypto industry while overlooking potential risks associated with digital currencies.
