U.S. Democrats claim SEC shared crypto bill analysis with Republicans but not with them

Democratic staff in the U.S. House claim the Securities and Exchange Commission (SEC) provided Republicans—but not Democrats—with a standard technical analysis of the newly introduced crypto market structure legislation, known as the CLARITY Act, according to Decrypt. The SEC regularly offers this type of analysis to lawmakers when proposed legislation could affect the agency’s operations. In response, Rep. Maxine Waters, Ranking Member of the House Financial Services Committee, plans to request that SEC Chair Paul Atkins share the analysis with both parties. The CLARITY Act, a successor to the FIT21 bill, aims to create a regulatory framework for the U.S. crypto industry. It would give the Commodity Futures Trading Commission (CFTC) oversight of digital commodity spot markets and establish registration paths for crypto platforms under both the SEC and CFTC. Key elements of the bill include requirements to comply with the Bank Secrecy Act, exemptions for specific DeFi and wallet service providers and new rules for approved digital asset custodians.