The U.S. House Agriculture Committee has voted 47–6 to advance the “Digital Asset Market CLARITY Act,” a bill that is designed to create clear rules for crypto space. The hearing took place at the Rayburn House Office Building and featured discussion from lawmakers across different party lines.
The CLARITY Act is meant to answer the question of who should be in charge of watching over the digital space. It draws the line between what counts as a digital commodity and what counts as a security.
With this vote, this job will now be given to the Commodity Futures Trading Commission (CFTC) which would handle crypto tokens seen as digital commodities, while the Securities and Exchange Commission (SEC) would still oversee crypto assets that are considered as securities.
Also Read: Crypto Bill ‘CLARITY Act’ Sparks Fresh Fears of Gensler-Era Crackdown
