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House Agriculture Committee Advances Cryptocurrency Market Regulation Bill "Digital Asset Market Clarity Act"

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The Block
972Words
Jun 10, 2025

Background: The House Agriculture Committee voted to pass the Digital Asset Market Clarity Act, which aims to establish a clear regulatory framework for the cryptocurrency market. The Act stipulates the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and requires digital asset companies to disclose information to clients and segregate client funds from their own.

Key Events: The Agriculture Committee passed the Act with a vote of 47 to 6, and the Financial Services Committee also held a vote on the same day. If both committees approve, the Acts will be merged into a comprehensive bill for a full House vote. New provisions in the Act clarify that non-custodial crypto platforms and their developers are not considered money transmitters or unlicensed money services business operators.

Political Impact: Since its introduction last month, the Act has faced increased legislative difficulty due to Democratic concerns related to former President Trump and his cryptocurrency activities. Democrats have expressed worries about the transparency of technical assistance provided by the SEC during the legislative process, believing that Republicans received written technical support while Democrats did not receive equal treatment. Maxine Waters, the Democratic leader of the Financial Services Committee, criticized SEC Chair Paul Atkins for not providing sufficient information to Democrats.

Potential Impact: If passed, the Act will provide a clearer regulatory environment for the U.S. cryptocurrency market, helping to standardize industry development, though political divisions may affect its final passage. SoSoValue was mentioned in the report.

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