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- The House of Representatives Financial Services Commission developed clarity in 32-19 votes.
- The House of Representatives passed the bill 47-6 on Tuesday.
- If it is passed by Congress, this law will establish a new encryption framework that prefers CFTC.
The Digital Asset Market Clarity Act, a legislation to reconstruct the US encryption regulation, has passed two major House of Representatives and is now heading for the entire floor.
The House of Representatives Voting Committee voted 32-19 to develop HR 3633 on Wednesday, and supervises the product market and digital assets on Tuesday, according to the 47-6 votes of the House of Agricultural Agricultural Committee.
“Blockchain technology and digital assets are reconstructing the future of US finance,” said French Hill (R-A), chairman of the House Financial Services Chairman. “Congress has a historical opportunity to provide clear regulatory frameworks needed to unlock this innovation.”
Double approval is an important milestone for the law, which had to pass the two committees before arriving at the full house. The two versions of this bill are now integrated into one text to consider the floor.
If it is passed, the Clarity Act will formulate the removal of supervisory authority by the Securities and Exchange Commission and establish more product futures trading committees as major regulators of most digital assets.
Encryption issuers can select SEC registration if they want to sell directly to institutional investors.
“It has become a historic moment of the digital asset industry today.” JI Kim, president and CEO of Crypto Innovation Council, said in a separate statement.
“The House of Representatives and Agricultural Commissions have developed the Clarity Act, a major stage for clear encryption rules that define the role of SEC and CFTC, protect self -examination, and protect consumers.”
Nevertheless, critics warned that the bill could reduce financial protection measures and disclose regulatory loopholes.
Despite some two -party momentum, the bill I faced Democratic Party’s criticism of the Financial Services Commission Mark Up on Tuesday. portion I insisted The bill opened a path of corruption and pointed out concerns about former President Donald Trump’s encryption venture.
Others, including the Pro-CRYPTO manager Sam Liccardo (D-CA), questioned that the company allowed a loophole to see what was called a dispersed financial project to avoid regulations.
The Republican Party defended the bill and stressed that regulatory status would be based on the function of the platform, not the label. They voted numerous democratic amendments, including provisions that prohibit presidential encryption ventures and taxpayer fund bailouts for token publishers.
Hill said, “This bill is not about an individual’s personal finances.”
edit Sebastian Sinclair
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