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Julia Smith
Author
Julia Smith
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Three leading crypto trade groups urged Congress to pass the CLARITY Act in a July 11 letter to Speaker of the House Mike Johnson and House Minority Leader Hakeem Jeffries.
Crypto Trade Groups Urge Congress To Pass Crypto Legislation
According to the Friday letter from Blockchain Association CEO Summer Mersinger, The Digital Chamber CEO Cody Carbone and President and Acting CEO of the Crypto Council for Innovation Ji Hun Kim, the three digital asset policy collectives called on U.S. lawmakers to advance the “important” crypto legislation.
“The CLARITY Act represents meaningful progress toward the regulatory certainty needed for our industry to foster innovation and for blockchain technology to thrive in the U.S.,” the CEOs said.
“Advancing this bipartisan market structure legislation sends a strong message that the U.S. is committed as the global leader in digital assets,” they added.
If enacted, the CLARITY would largely see crypto regulatory responsibility delegated from the United States Securities and Exchange Commission (SEC) to the Commodity Future Trading Commission (CFTC).
The move would mark a win for crypto proponents after years of the SEC’s regulation-by-enforcement approach and treatment of digital assets as securities.
“As the conversation continues, we encourage the Senate to build on the momentum from the House and engage closely with industry stakeholders to bring bipartisan market structure legislation to the Senate floor as soon as possible,” the letter states. “We look forward to continuing to work with both chambers to help ensure U.S. leadership in digital assets.”
Congress Braces For Dueling Crypto Weeks
The blockchain trade groups’ letter comes ahead of the Republican Party’s purported “Crypto Week” on Capitol Hill.
However, Democratic lawmakers Maxine Waters and Stephen Lynch unveiled on Friday that they would be launching their own “Anti-Crypto Corruption Week” in opposition to Republicans’ crypto legislative efforts.
“My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto,” Congressman Lynch said.
