Coinbase, Crypto Firms Urge House to Pass CLARITY Act Swiftly

Coinbase’s lobbying arm and dozens of crypto firms are urging the U.S. House of Representatives to swiftly pass the CLARITY Act, when lawmakers meet next week. In a letter sent on Monday, Stand With Crypto and 65 crypto advocacy groups asked lawmakers to support the bill, emphasizing the need for clear rules as the crypto industry rapidly evolves. The letter, backed by major industry players such as OpenSea and Dapper Labs, warned that the “U.S. risks falling behind” in global crypto leadership without pro-crypto policies that embrace blockchain technology. It highlighted the “lack of standardized rules” that push businesses and talent toward crypto-friendly jurisdictions abroad. The CLARITY Act would define the regulatory roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Under the bill, the CFTC would oversee most crypto activities, while the SEC would continue to regulate crypto-related securities, aiming to provide the clarity developers, investors, and institutions need to innovate within the U.S. market. House to Tackle Crypto Bills During “Crypto Week” The House is set to consider the CLARITY Act alongside two other major crypto bills during the week of July 14, which Republican leaders have labeled “Crypto Week.” House Speaker Mike Johnson announced that lawmakers will also review the Anti-CBDC Surveillance State Act, which seeks to ban a U.S. central bank digital currency, and the GENIUS Act, aimed at regulating stablecoins. The GENIUS Act has already passed the Senate and has the backing of President Donald Trump, who has urged lawmakers to pass the bill before the August congressional recess. The CLARITY Act could follow soon, having cleared the House Financial Services Committee and the Agriculture Committee last month, but it still requires Senate approval. Senate Banking Committee Chair Tim Scott has stated he aims to pass a crypto market structure bill “before the end of September.” CLARITY Act Faces Opposition From House Democrats Despite momentum, the CLARITY Act faces pushback from House Democrats concerned about Trump’s increasing crypto ties. Maxine Waters, a senior Democrat on the Financial Services Committee, criticized the bill as “rushed” and “confusing,” warning it could legitimize “risky activities” in crypto while benefiting Trump’s growing crypto interests. Trump’s family ventures, including NFTs, mining businesses, and a crypto trading platform, have reportedly added $620 million to his net worth , fueling Democrats’ concerns as the debate over crypto regulation intensifies in Washington. The post Coinbase, Crypto Firms Urge House to Pass CLARITY Act Swiftly appeared first on TheCoinrise.com .

Source: The Coin Rise