As the U.S. House of Representatives is set to proceed with major cryptocurrency regulatory legislation next week, Coinbase's lobbying organization and over 65 blockchain companies and organizations have called for the prompt processing of the bill.
In an open letter recently delivered to House representatives, they urged the passage of the 'Digital Asset Market Clarity Act' (CLARITY Act), emphasizing that the bill will provide clarity and consistency to the blockchain industry from a regulatory perspective. This request was led by the cryptocurrency lobbying group 'Stand With Crypto', sponsored by Coinbase.
The letter noted that "while political confrontation exists regarding cryptocurrency legislation, as blockchain is changing the global economic landscape, the United States must policy-wise accept this or risk falling behind in technological competition." One key provision distributes cryptocurrency regulatory authority between the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), placing most projects under CFTC jurisdiction while certain assets like security tokens will be supervised by the SEC.
Additionally, representative Non-Fungible Token (NFT) companies like OpenSea and Dapper Labs have joined the signing, expressing concerns that "the United States' cryptocurrency leadership is already wavering." They further warned that "due to the lack of standardized rules, institutional investor participation is being delayed, and innovative talent and companies are moving overseas to find more open regulatory environments".
With former President Trump recently strengthening his pro-cryptocurrency stance ahead of the upcoming election, political attitudes toward this legislative bill are also drawing attention. If the CLARITY Act passes the House, it could become a significant turning point for the cryptocurrency industry environment in the United States.
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