Washington, D.C.(Press Release) – On Thursday, the Digital Asset Market Clarity (CLARITY) Act passed the U.S. House by a 294-134 vote. TheCLARITY Act would establish a clear regulatory framework for digital assets in the United States, protect consumers and investors, and keep innovation in America.
U.S. Representative Dusty Johnson (R-S.D.), Chairman of the Agriculture subcommittee on digital assets, introduced this legislation in May along with Committee on Agriculture Chairman G.T. Thompson (R-PA), Majority Whip Tom Emmer (R-MN), Committee on Financial Services Chairman French Hill (R-AR), and Financial Services subcommittee on digital assets Chairman Bryan Steil (R-WI). The CLARITY Act passed the House Agriculture Committee andHouse Financial Services Committee with bipartisan support in June.
“If America doesn’t lead in digital asset development, we risk losing innovation to Europe or our adversary China,” said Johnson. “Our CLARITY Act puts in place a strong, commonsense framework to give developers and consumers the certainty they need to thrive in the United States. I’m grateful for the work of my colleagues who helped get this bill across the finish line in the House and I am hopeful the Senate acts soon – there is no time to waste.”
“Today’s bipartisan passage of theCLARITY Act marks a historic step forward in delivering clear rules of the road for America’s digital asset ecosystem,”said Chairman Thompson. “This bill delivers on President Trump’s goal of making the United States the crypto capital of the world by providing the regulatory certainty needed to foster innovation, safeguard consumers, and ensure America leads in the next generation of financial technology.”
“At present, there is no established market structure to protect consumers or provide clear rules of the road for businesses and innovators. It’s the wild, wild west! Congress must deliver market structure legislation that brings clarity,”said Rep. Don Davis (D-NC), Ranking Member of the Agriculture subcommittee on digital assets. “Millions of Americans are holding cryptocurrency, using it in financial transactions, or using other digital tokens as part of new, innovative technologies and services. There must be consumer protections, and the United States must lead.”
TheCLARITY Act will:
- Establish clear regulatory lanes between the two market regulators: Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
- Digital asset developers will have a clear pathway to raise funds under the SEC’s jurisdiction.
- Market participants will have a trusted pathway to trade digital commodities through intermediaries and exchanges overseen by the CFTC.
- Protect consumers by requiring developers to provide accurate, relevant disclosures, including information relating to the digital asset project’s operation, ownership, and structure.
Background:
- Digital assets and related blockchain technology have the potential to form the foundation of the next generation of internet innovation.
- However, regulation-by-enforcement and ongoing regulatory ambiguity have stifled innovative potential while leaving consumers unprotected.
Click here for the text of the Digital Asset Market Clarity (CLARITY) Act.
Click here for a section-by-section.
Click here for a three-pager.
Click here for a one-pager.
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