The US House of Representatives has officially passed the clarity law (HR 3633With a vote from 294-134, a major step towards creating a clear organizational framework for digital commodities such as Bitcoin.
“The clarity law helps us reach there by adding consumer protection to the law and setting clear guidelines for digital asset managers,” I mentioned Congress member John Rose. “It also creates handrails for federal agencies, which are often crossed outside their legal authority in recent years, especially with the encrypted currency. The draft law provides modern solutions to a modern financial sector that grows in popularity and importance in the hour.”
The legislation aims to identify and divide organizational control between the Securities and Stock Exchange Committee (SEC) and the CFTC futures trading committee, which set clear rules in the complex digital assets market. With the completion of the Parliament’s final vote now, the draft law will submit to the Senate for further consideration.
“This bill helps create a strong and supportive working framework that gives creators certainty that will restore digital assets to the United States,” He said Congress Member Edison McCdwell. “A basic step to make America the capital of encryption in the world.”
If it is approved by the Senate, the clarity law will represent a great milestone in the federal government’s approach to Bitcoin and Crypto, which aims to support innovation while addressing the organizational uncertainty that has long challenged industry.
“Nowadays, there is no fixed market structure to protect consumers or provide clear rules for the road to companies and innovators,” I mentioned UNDIS Davis Member. “It is Wild, Wild West! Congress must provide legislation in the market structure that brings clarity. Millions of Americans keep an encrypted currency, use it in financial transactions, or use other digital symbols as part of new innovative technologies and services. There must be protection for consumers, and the United States should lead.”
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