Senate panel advances Clarity Act to split crypto oversight
- Source
- Bloomberg
- Time
- 7:44 PM
- Weight
- 94/100
The Senate Banking Committee has voted 15-to-9 to advance the Clarity Act, a landmark piece of legislation designed to establish a formal regulatory framework for the U.S. digital asset market. The bill aims to resolve long-standing jurisdictional disputes by splitting oversight between federal agencies.
Under the proposed structure, the Commodity Futures Trading Commission (CFTC) would become the primary regulator for large portions of the crypto industry, while the Securities and Exchange Commission (SEC) would maintain authority over assets classified as digital securities. The bill now moves to the Senate floor, where it must be reconciled with a version from the Agriculture Committee, which also holds jurisdiction over the CFTC.