Congress Urged to Back CLARITY Act by 65 Crypto Firms

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Congress Urged to Back CLARITY Act by 65 Crypto Firms

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Congress urged to back CLARITY Act by 65 crypto firms, as the industry calls for clear rules and broader digital asset regulation. The letter is addressed to members of the House of Representatives on behalf of 52 million Americans who own crypto assets and is supported by 65 crypto organizations representing over 6,100 jobs across 21 states.

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Industry Pushes CLARITY Act Ahead of GENIUS Act

We have already covered that the House announces the week of July 14th as crypto week, with all its upcoming crypto-related bills. However, the industry is setting its priorities and is calling on the House to focus on the CLARITY Act, emphasizing the need for market structure and regulatory clarity for all digital assets, not just stablecoins.

The letter states that the U.S. crypto industry has reached a critical point at which further development is no longer possible without a clear regulatory framework. The signatories emphasize that the absence of a structured regulatory system creates barriers for developers, users, and investors, and also hampers institutional adoption.

“Above all else, the U.S. crypto industry needs market structure, which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating.”

It is worth recalling that CLARITY proposes a more fundamental initiative than GENIUS. For example, CLARITY outlines a clear division of responsibilities between the SEC and the CFTC, providing institutional certainty and reducing legal risk. As emphasized in the letter, the proposed mechanism creates conditions for technical and entrepreneurial innovation in decentralized solutions and also enables broader financial participation by individuals.

By the way, we highly recommend reviewing our detailed guide The Impact of SEC Regulations on Crypto.

Among the bill’s target provisions are consumer protection through clear standards, support for developers building solutions that give users control over their digital assets, and the creation of conditions for broad institutional participation in the crypto economy. The signatories state that the CLARITY Act may also strengthen national security by consolidating technological infrastructure within the U.S. jurisdiction.

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Conclusion

Such coordinated action, even at a time when pro-crypto regulation is already progressing, reflects a significant level of consensus among market participants, as well as the industry’s anticipation of forthcoming regulations.

It is reasonable to assume that, with all of this now in the final stretch, key players have already prepared their strategies for the upcoming regulatory provisions. This may mean that if the regulations are adopted as expected, we could see an influx of new products and services, and consequently, substantial liquidity entering the market.

This could become an especially favorable moment for crypto enthusiasts and crypto investors – one that is worth closely monitoring. Stay tuned for the latest updates on developments and opportunities in crypto, blockchain, and DeFi.

Disclaimer: The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more

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Alexandros

My name is Alexandros, and I am a staunch advocate of Web3 principles and technologies. I'm happy to contribute to educating people about what's happening in the crypto industry, especially the developments in blockchain technology that make it all possible, and how it affects global politics and regulation.

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