Coinbase lobbying groups and 65 other crypto organizations urge the U.S. Congress to pass the CLARITY Act

On July 8, Cointelegraph reported that 65 crypto organizations, including Coinbase's lobbying arm Stand With Crypto, issued an appeal to members of the U.S. House of Representatives, urging them to quickly pass the Clarity for Digital Assets Act (CLARITY Act) when they meet next week. The bill clearly defines the responsibilities of the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating cryptocurrencies, handing over most of the cryptocurrency regulatory power to the CFTC, while the SEC is responsible for regulating crypto-related securities products. The joint letter pointed out that the lack of standardized rules hinders institutional adoption and innovation, and drives talent and enterprises to more friendly overseas jurisdictions. The U.S. House of Representatives will review the CLARITY Act and two other crypto bills during "Crypto Week" beginning on July 14, including the Anti-Central Bank Digital Currency Act and the stablecoin regulatory bill (GENIUS Act). [Deep Tide TechFlow]