Crypto advocacy group Stand With Crypto urges U.S. House of Representatives to pass Digital Asset Market Clarity Act

The crypto advocacy group Stand With Crypto has joined forces with 65 agencies to urge U.S. lawmakers to support the Digital Asset Market Clarity Act. The bill aims to establish a clear regulatory framework for the crypto industry, clarify the regulatory division between the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and require digital asset companies to conduct customer disclosures and segregate customer funds. It is expected to enter the deliberation process next week. In addition, Senate Banking Committee Chairperson Tim Scott and Congressman Cynthia Lummis released relevant legislative principles last month, and a hearing on digital assets will be held on Wednesday. The letter specifically mentions the legislative urgency, noting that the United States needs to establish a regulatory framework by the end of September to avoid falling behind global competition.