The digital asset market’s clear act, a bill aimed at restructuring US crypto regulations, has passed two major House committees and is now heading for a full-value vote.
The House Committee on Financial Services voted 32-19 on Wednesday to move HR 3633 forward after a bipartisan 47-6 votes on Tuesday at the House Agriculture Committee, which oversees commodity markets and digital assets.
“Blockchain technology and digital assets are reshaping the future of America’s finances,” House Financial Services Chairman French Hill (R-AR) said in a statement. “Congress has a historic opportunity to provide the clear regulatory framework necessary to unlock this innovation.”
The double approval marks a significant milestone in the law that must pass both committees before reaching a full home. Two markup versions of the bill will be combined into one text for floor consideration.
If passed, the Clarity Act will formalize the removal of surveillance powers from the Securities and Exchange Commission and will establish more handoff goods futures trading commissions as the leading regulator of most digital assets.
Crypto issuers can choose to register as SEC if they intend to sell directly to institutional investors.
“Today is a historic moment for the digital asset industry,” said Ji Kim, president and acting CEO of Crypto Council for Innovation, in a separate statement.
“The House Financial Services and the Agriculture Committee both went on to have a clear action, a key step towards clear cryptographic rules that define the roles of the SEC and CFTC, become independent and protect consumers,” Kim added.
Still, critics warn that the measure could reduce financial safeguards and open loopholes in regulations.
Despite some bipartisan momentum, the bill Face Heavy criticism from Democrats during the Financial Services Commission markup on Tuesday. Some Discussed The bill paved the way for corruption and pointed to former President Donald Trump’s crypto venture as concern.
Others, including Crypto Procrypt MP Sam Ricardo (D-CA), questioned the loopholes that could be seen by companies calling themselves decentralized financial projects to avoid regulations.
Republicans defended the bill, emphasizing that the regulatory situation is based on the functionality of the platform, not the label. They resigned from numerous democratic amendments, including provisions banning presidential crypto ventures and taxpayer-funded reliefs for token issuers.
“This bill is not about the personal finances of a single individual,” Hill said. “That’s not an ethics bill.”
edit Sebastian Sinclair
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