The House Agriculture Committee approved the Digital Asset Market Clarity Act with an overwhelming bipartisan vote of 47 to 6, despite previous political complexities.
The bill aims to provide regulatory clarity in the digital asset space by specifying the oversight roles of the SEC and the CFTC.
The House Financial Services Committee is also scheduled to vote on its section of the bill, with plans to merge both bills into a comprehensive piece of legislation for a full House vote.
The Clarity Act not only defines regulatory jurisdictions but also enhances consumer protections by requiring disclosures and segregation of customer funds from operational capital.