Coinbase Crypto Lobbying Group Urges Congress to Support CLARITY Act

On July 8, Cointelegraph reported that Coinbase's crypto lobbying group and several crypto companies are calling on members of the U.S. House of Representatives to pass the CLARITY Act as soon as possible during next week's meeting to clarify the regulatory framework for the crypto industry.

In a joint letter issued this Monday, the Stand With Crypto Alliance and 65 crypto advocacy organizations and companies urged lawmakers to support the Clarity for Digital Assets Act (CLARITY Act). The letter stated, "We know that some are trying to politicize crypto legislation, but crypto technology is profoundly reshaping the global economy, and the United States risks falling behind other countries if it does not introduce friendly policies to support blockchain technology as soon as possible."

The CLARITY Act clarifies the division of responsibilities between the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in crypto regulation. The bill grants most of the crypto market regulatory power to the CFTC, while crypto products related to securities are regulated by the SEC.