Sen. Booker: CLARITY Act needs Democratic commissioners to pass

U.S. Senator Cory Booker, a Democrat, stated that the CLARITY Act for crypto market structure will face difficulty passing without the appointment of Democrats as commissioners to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Speaking at the Blockchain Association's annual policy conference, Booker argued that such appointments are necessary to protect the agencies' independence from President Trump. However, during a panel discussion later in the day, he added that he believes the bill will eventually pass. The CLARITY Act aims to establish a regulatory framework for the cryptocurrency industry by delineating the regulatory roles of the SEC and CFTC. A key provision of the bill would exempt cryptocurrencies that meet specific conditions from the registration requirements of the Securities Act of 1933.