Summary
- Witt said the intent of the CLARITY Act, a U.S. virtual asset regulatory bill, must not be undermined.
- Witt said the CLARITY Act must remain a pro-innovation bill, and that attempts to turn it into an anti-competitive bill are shameful.
- He noted that the CLARITY Act classifies virtual assets as securities and commodities and recalibrates the supervisory remits of the SEC and the CFTC.
Forecast Trend Report by Period
Patrick Witt, executive director of the White House Crypto Advisory Council Secretariat, argued that the intent of the CLARITY Act—a U.S. virtual asset (cryptocurrency) regulatory bill—must not be undermined.
On the 11th, Witt wrote on X that “the CLARITY Act must remain a pro-innovation bill,” adding that “it is shameful to try to use the legislative process to turn it into an anti-competitive bill.”
The CLARITY Act is legislation being advanced to clarify the market structure of the U.S. virtual asset industry and delineate regulatory jurisdiction. The bill classifies virtual assets as securities and commodities and includes provisions to recalibrate the supervisory remits of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In recent congressional deliberations, debate has continued after concerns were raised that some provisions could restrict competition or disadvantage certain industry participants.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
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