US House committee urges Senate to pass crypto market structure bill

The Republican-led U.S. House Financial Services Committee has publicly urged the Senate to pass the digital asset market structure bill, known as the CLARITY Act, Crypto Briefing reported. In a statement, the committee emphasized that the legislation is crucial for establishing a federal framework for digital asset markets and ensuring the U.S. maintains its leadership role in global digital finance. The bill aims to create a regulatory framework for the cryptocurrency industry by delineating the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). A key provision would also exempt cryptocurrencies that meet certain conditions from the registration requirements of the Securities Act of 1933.