US Congress Proposes Clarity Act to Clarify Crypto Regulations

The ‘Clarity Act’ is a major legislative initiative aimed at streamlining cryptocurrency regulation in the United States. This proposed legislation seeks to clarify the regulatory landscape for digital assets, assigning oversight roles to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Introduced by prominent House members including Representative Tom Emmer, the Clarity Act aims to eliminate previous ambiguity regarding the classification of digital assets. It reflects a balance between fostering innovation and implementing necessary regulations.