House Republicans introduce Digital Asset Market Clarity Act

House Republicans have introduced the Digital Asset Market Clarity Act, aiming to establish a comprehensive regulatory framework for the U.S. crypto industry. The 236-page bill gives the CFTC primary oversight of digital commodity spot markets and provides registration pathways for crypto platforms under both the CFTC and SEC, depending on asset type. Key provisions include Bank Secrecy Act compliance, exemptions for certain DeFi and wallet providers and a new standard for qualified digital asset custodians. The bill also calls for regulatory studies on DeFi and NFTs, with rule implementation expected within a year if passed. The bill follows previous efforts like FIT21 and runs parallel to a Senate-led stablecoin bill, raising questions about whether both initiatives could merge into a broader crypto legislative package later this year, CoinDesk reported.