TechFlow, July 8 — According to Cointelegraph, 65 crypto organizations, including Coinbase's advocacy group Stand With Crypto, have jointly called on U.S. House representatives to swiftly pass the Clarity for Payment Stablecoins Act (CLARITY Act) during their upcoming meeting next week.
The bill clearly defines the regulatory responsibilities of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regarding cryptocurrencies, assigning primary oversight of most digital assets to the CFTC, while the SEC would regulate crypto-related securities products.
The joint letter stated that the lack of standardized regulations has hindered institutional adoption and innovation, driving talent and businesses toward more favorable jurisdictions overseas. The U.S. House of Representatives will review the CLARITY Act along with two other crypto bills—including the Anti-Central Bank Digital Currency Bill and the GENIUS Act—during "Crypto Week" starting July 14.
