CLARITY Act Advances in Congress, Set for Full House Vote

The CLARITY Act, alongside the STABLE Act, represents significant progress towards a comprehensive regulatory framework for digital assets in the U.S.

Summary

The CLARITY Act has gained momentum in Congress, passing through key committees with bipartisan support. This legislation aims to establish a clear regulatory framework for digital assets, defining roles for the SEC and CFTC, and ensuring consumer protections. Additionally, the STABLE Act, which focuses on payment stablecoins, is advancing alongside the CLARITY Act to create a comprehensive digital asset regulatory environment. Lawmakers emphasize the urgency of enacting these measures to maintain U.S. leadership in blockchain innovation.

Terms & Concepts
  • DeFi: Decentralized Finance, a financial ecosystem built on blockchain technology that allows users to conduct transactions without intermediaries.
  • SEC: Securities and Exchange Commission, a U.S. government agency responsible for regulating securities markets and protecting investors.
  • CFTC: Commodity Futures Trading Commission, a U.S. government agency that regulates the trading of commodity futures and options markets.