The Digital Asset Market Clarity Act has recently passed two major House Committees and is now moving forward for a full floor vote.  On June 11, the bill got a 32-19 vote from the House Committee and a 47-6 vote in the House Agricultural Committee on June 10. The House

• On June 11, the bill passed the House Committee and the House Agricultural Committee on June 10.
• However, critics are still wary that this step could suppress financial protection and expose them to regulatory loopholes. 

The Digital Asset Market Clarity Act has recently passed two major House Committees and is now moving forward for a full floor vote. 

On June 11, the bill got a 32-19 vote from the House Committee and a 47-6 vote in the House Agricultural Committee on June 10. The House Financial Services Chair, French Hill, stated in a statement that Blockchain technology and virtual assets are reshaping the future of finance in the United States. 

The statement further notes that Congress has a significant opportunity to offer the clear regulatory framework required to unlock this revolution. These notable approvals mark an important milestone for the legislation, which is required to pass both committees before heading to the full House. 

The two marked-up versions of the bill will now be combined into one text for floor consideration. If the bill is passed in the full House, then the act will be enacted to remove the oversight powers from the SEC and set up the more hands-off Commodity Futures Trading Commission as the main regulator for most digital assets.

The Heavy Criticism  

If Crypto issuers wish to opt into SEC registration, they still can if they want to sell directly to institutional investors. The President and acting CEO for the Crypto Council for Innovation states in another statement that, Today is a historic moment for the virtual asset industry.

And, the House Financial Services and Agricultural Committees both have passed the CLARITY ACT. This is a significant step toward having clear crypto regulations that describe SEC and CFTC roles, safeguard self-custody, and protect customers. 

However, critics are still wary that this step could suppress financial protection and expose them to regulatory loopholes. The bill has also faced heavy criticism from Democrats at the time of the Financial Services Committee markup. 

Some said that it will clear the route for corruption and highlighted President Donald Trump’s crypto firms as a concern. Others mentioned that it will permit loopholes that could see firms call themselves decentralized finance projects to elude regulation. 

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