US CFTC Chair Says Clarity Act Close to Agreement, Pushes Congress to Pass Before August Recess

TechFlow reports, July 9, according to Bitcoin Magazine, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated that the crypto market structure bill Clarity Act "is very close to being reached," and urged Congress to complete passage before the August recess.

The bill aims to clarify the division of digital asset regulatory responsibilities, allocating some regulatory duties to the CFTC and the U.S. Securities and Exchange Commission respectively. The current progress of the bill is still affected by multiple controversies, including Democrats pushing to add ethics provisions, as well as disagreements surrounding stablecoin yield payments and illicit finance regulatory rules.