U.S. Senate Committee Advances Crypto Market Structure Bill in Partisan Vote
The U.S. Senate Agriculture Committee narrowly approved the CLARITY Act, a pivotal crypto market structure bill, by a 12-11 party-line vote. The legislation aims to redefine regulatory boundaries between the SEC and CFTC, assigning the CFTC oversight of digital commodity markets (including Bitcoin and Ethereum) while reserving the SEC’s authority over investment contracts. Proponents argue the bill clarifies jurisdictional lines, establishes intermediary registration rules, and enhances consumer protections through asset segregation and disclosure requirements.
Critics decry the partisan divide, as all proposed amendments were rejected along party lines. The markup session, lasting just over an hour, underscores the contentious nature of crypto regulation in Congress. The bill now moves closer to a full Senate vote, potentially reshaping the U.S. regulatory landscape for digital assets.
