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House Financial Services hearing spotlights Clarity Act to define SEC, CFTC roles for digital assets
Summary
Lawmakers and witnesses told the House Financial Services Committee the Clarity Act would fill regulatory gaps by distinguishing issuer disclosures from market oversight, but several witnesses warned the bill needs work on definitions, a capital-raising exemption and agency funding before enactment.
The House Committee on Financial Services convened a hearing titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” to examine the Clarity Act and whether it provides a workable market-structure framework for digital assets. "This hearing's titled American Innovation and the Future of Digital Assets from Blueprint to a Functional Framework," Chairman French Hill said in his opening remarks.
The bill would draw jurisdictional lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission, directing the SEC to retain issuer-disclosure authority while giving the CFTC responsibility over spot markets for defined "digital commodities." "The bill will do so by providing statutory definitions to key concepts and terms as well as delineating what's in the remit of the SEC…
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