The CLARITY Act for the US digital asset market has been passed by the House of Representatives, ushering in a new era of encryption regulation.

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The U.S. House Advances Digital Asset Market Regulatory Bill

Recently, the U.S. House of Representatives passed an important regulatory bill for the digital asset market with an overwhelming majority. The bill is named the "Digital Asset Market CLARITY Act" and aims to establish a clear regulatory framework for the digital asset market. The bill has now entered the Senate review stage, and the Senate is also drafting its own version of market structure legislation.

If this bill is passed, it will establish clear rules for the blockchain industry and is expected to end years of uncertainty that has hindered innovation and harmed consumer interests. It could become a law of historical significance, as profound as the impact of the Securities Act of 1933 on the U.S. capital markets.

The bill has been improved in several key areas:

  1. Create a clear regulatory path for digital assets, allowing blockchain projects to enter the public market without excessive regulation.

  2. Implement supervision of blockchain-based intermediaries, requiring centralized entities such as exchanges to register with the Commodity Futures Trading Commission (CFTC) and comply with regulatory standards.

  3. Protect consumers through mandatory disclosure obligations and restrictions on insider trading, while promoting innovation.

  4. Provide a clear path for the transition of regulatory authority from the Securities and Exchange Commission ( SEC ) to the CFTC.

  5. Adopt a control-based maturity framework to objectively assess whether a blockchain system is decentralized.

  6. Provide important safeguards for decentralized finance ( DeFi ), exempting it from certain regulatory requirements.

a16z: How does the CLARITY Act create a regulatory framework for cryptocurrency?

Compared to the previously passed stablecoin regulatory bill, the "GENIUS Act", the "CLARITY Act" will provide the necessary standards and oversight for the infrastructure supporting stablecoins. This helps ensure that as stablecoin adoption accelerates, the underlying blockchain systems also meet safety and transparency standards.

The bill is currently in the Senate review stage. The Senate may propose its own version, and both chambers will ultimately need to reconcile differences to reach an agreement. Congressional leaders aim to send the final bill to the president for signing by the end of September.

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OnChainArchaeologistvip
· 22h ago
Finally working for someone who understands.
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GateUser-1a2ed0b9vip
· 08-05 17:02
The bull is finally going to get serious.
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GateUser-a5fa8bd0vip
· 08-05 16:55
Finally entering a new era, Favourable Information!
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BearMarketSagevip
· 08-05 16:52
The bull run seedlings have finally arrived.
View OriginalReply0
WhaleWatchervip
· 08-05 16:38
Finally, the regulation has arrived, the bull run is not far away fam.
View OriginalReply0
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