Lummis Urges Passage of CLARITY Act
Summary
- Lummis reiterated the need to pass the CLARITY Act, saying the absence of regulation means there is no remedy when problems arise.
- The CLARITY Act is a US crypto market-structure bill that sets standards for distinguishing securities and commodities and clarifies the roles of the SEC and CFTC.
- The market is watching how final passage of the CLARITY Act could affect growth in the US digital-asset industry and increased institutional investment.
Forecast Trend Report by Period
US Senator Cynthia Lummis, a pro-crypto lawmaker, renewed her call for passage of the CLARITY Act, highlighting the continuing debate over how to overhaul the US regulatory framework for digital assets.
In a post on X on May 21, Lummis wrote, "The absence of regulation does not mean the absence of harm. It means there is no remedy when something goes wrong."
She added that she has spent years pushing for the CLARITY Act so the digital-asset industry can grow in the US under clear guidelines.
The CLARITY Act is a US crypto market-structure bill that sets standards for determining whether digital assets are securities or commodities and clarifies the respective jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill previously cleared a markup and vote in the Senate Banking Committee and is awaiting a vote by the full Senate.
Legislative discussions in Washington have recently expanded to cover stablecoins, decentralized finance, or DeFi, and exchange regulation.
Market participants are watching whether the CLARITY Act ultimately passes and how that could affect growth in the US digital-asset industry and institutional investment.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
