American lawmakers are pushing the law of clarity forward to determine the SEC and CFTC encryption rules
Today, the House of Representatives committees approved financial services and agriculture the law of clarity from the two parties (HR 3633), Put it for a full vote on the next floor. The Finance Committee provided the procedure through a 32-19 vote, approved by the Agriculture Committee with a vote 47-6.
The most prominent major events of the clarity law
- It aims to resolve a long -term jurisdiction between the regulatory agencies for encryption in the United States by redefining the responsibilities of the Securities and Stock Exchange Committee (SEC) and the CFTC.
- It is proven that some encryption assets will be organized as goods under CFTC, while others will remain securities and work under SEC.
- The clarity law also provides limited protection for Blockchain developers, except for the money transmission regulations.
- He also created the disclosure, separation of funds, and rules of conflict of interest to protect investors from coding.
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Although the law of clarity of broad support faces cash
Actor Maxine Waters has expressed his concerns while warning that some of the provisions contained in the draft law can lead to conflict of interests. Its comment referred to the relations between political leaders and the encryption industry.
Brad Sherman stated that the draft law can lead to industry saving and organizational arguments. Former CFTC Board Chairman Timothy Masad called the Clarity Law ‘complicatedWith the saying that the draft law has expanded confusion instead of resolving the issues of organizational ambiguity for encryption.
CFTC will drive encryption regulations
- After becoming the primary encryption organizer, CFTC will supervise digital goods, which cover most cryptocurrencies and symbols traded in monetary markets, including Defi activities.
- It will impose the activities of stock exchanges, brokers and topical markets of non -security digital assets such as Binance and Ethereum.
- It will also lead to the mandate of trade and custody in Stablecoin in the exchange of commodities, while the role of the Supreme Education Council is limited to the implementation of the rules of anti -fraud in Stablecoin.
What next? Discussion and vote on the law of clarity
After seeking approval from both committees, the clarity law will go to the full parliament to obtain votes and arguments. If it is ultimately year, it will become the first comprehensive law in the United States for an organizational framework for cryptocurrencies and digital assets. While the US Senate is still inaccurate, the upper chamber is working to enhance the law of digital assets.
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Common questions
The clarity law will show roles by identifying “digital goods” (under the supervision of CFTC, including most cryptocurrencies, topical markets) and “investment contract assets” (under SEC, focusing on how to sell assets).
Critics are concerned about potential conflicts in interests, organizational arguments (creating the minimum interest groups for CFTC control), reducing financial guarantees, and the complexity of the draft law impedes effective organization.
CFTC will be the main organizer of digital commodities, supervision of exchanges and mediators. The Securities and Stock Exchange Commission will maintain power offers and impose anti -fraud rules, especially for Stablecoins.
