Senator Cynthia Lummis Renews Call for Passage of CLARITY Act
Summary
- US Senator Cynthia Lummis reiterated the need for passage of the CLARITY Act.
- The CLARITY Act is a US digital-asset market structure bill that sets standards for classifying digital assets as securities or commodities and clarifies the jurisdictions of the SEC and CFTC.
- Markets are focused on how final passage of the CLARITY Act could affect growth in the US digital-asset industry and broader institutional investment.
Forecast Trend Report by Period
US Senator Cynthia Lummis, a pro-crypto lawmaker, renewed her call for passage of the CLARITY Act as debate continues in Washington over how to reshape the regulatory framework for digital assets.
On May 21, Lummis wrote on X, formerly Twitter, that “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 working to enact the CLARITY Act so the digital-asset industry can grow in the US under clear guidelines.
The CLARITY Act is a US digital-asset market structure bill that sets standards for distinguishing whether digital assets are securities or commodities. It also outlines the respective jurisdictions of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill previously passed a markup and vote in the Senate Banking Committee and is now awaiting a vote by the full Senate.
Legislative discussions in Washington have recently broadened to include stablecoins, decentralized finance, or DeFi, and exchange regulation.
Markets are watching whether the CLARITY Act ultimately passes, given its potential impact on growth in the US digital-asset industry and on broader institutional investment.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.