U.S. Crypto Market Structure Bill Passes House Agriculture Committee Vote

JH Kim

Summary

The U.S. House Committee on Agriculture has reportedly passed the amendment to the Crypto Market Structure Bill with 47 votes in favor and 6 against.
It was stated that the bill is expected to be presented to the full House as a single bill after review and voting by the House Committee on Financial Services.
The bill clarifies that developers must fulfill various obligations within the jurisdiction of both the SEC and CFTC.

Eleanor Terrett, host of Crypto in America, reported on the 10th (local time) via X (formerly Twitter) that the amendment to the U.S. crypto market structure bill (CLARITY) passed the House Committee on Agriculture with 47 votes in favor and 6 against.

As a result, the bill is expected to be merged into a single bill after review and voting by the House Committee on Financial Services, after which it will be presented to the full House for deliberation.

The crypto market structure bill is a follow-up version to the Financial Innovation and Technology for the 21st Century Act (FIT21, crypto market structure bill), which was passed in the previous session, and it restricts the scope of disclosure obligations for projects.

Furthermore, it stipulates that developers must raise capital under the supervision of the SEC or register with the Commodity Futures Trading Commission (CFTC) to conduct crypto asset trading, establishing a clear boundary of jurisdiction between the two regulatory agencies.