House Agriculture Committee advances crypto market structure bill

Lawmakers on the US House Agriculture Committee voted in favor of the Digital Asset Market Clarity, or CLARITY, Act, advancing the bill further in Congress.

In a 47-6 vote on Tuesday, an overwhelming majority of lawmakers on the committee approved the CLARITY Act to establish a regulatory framework for digital assets. Committee Chair GT Thompson said the bill would be sent to the House for consideration, adding that any members offering opposing views would have the opportunity to submit them by Friday.

The vote came alongside debate on the House Financial Services Committee discussing an amendment that could add protections for blockchain developers to the CLARITY Act. At the time of publication, the committee had not voted on the bill. 

According to its sponsors and co-sponsors, the CLARITY Act is intended to establish clear rules under which digital asset companies can operate in the United States, by also clarifying whether certain investment vehicles fall under the purview of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). Consideration of the bill, first introduced the May, comes as the Senate is expected to vote on the GENIUS Act — legislation to regulate payment stablecoins.

This is a developing story, and further information will be added as it becomes available.