On July 8 (UTC+8), the crypto advocacy group Stand With Crypto, along with over 65 institutions including Mysten Labs, Archetype, and OpenSea, jointly sent a letter to the U.S. House of Representatives, calling for the swift passage of the "Clarity for Digital Asset Markets Act" to establish a clear regulatory framework for the crypto industry. The bill aims to clarify the responsibilities of the SEC and CFTC, and requires digital asset companies to provide retail financial disclosures and segregate customer funds. Analysts point out that the legislative process needs to be completed before the end of September, and also faces the political sensitivity test brought about by the Trump family's deep involvement in the crypto business. (Source: The Block) [MetaEra]

Stand With Crypto Joins Forces with 65 Organizations to Urge US House of Representatives to Pass Crypto Market Bill