Senate Committee Approves Comprehensive Crypto Regulation Bill

The US Senate Banking Committee has made significant progress towards establishing a clear federal framework for digital assets with the approval of the Digital Asset Market CLARITY Act.

After months of negotiations, the bipartisan legislation was approved on May 14 and will now be sent to the full Senate floor for further consideration.

The CLARITY Act aims to resolve jurisdictional disputes between federal regulators by dividing oversight over digital asset markets. The Commodity Futures Trading Commission (CFTC) would assume responsibility for regulating crypto spot markets, while the Securities and Exchange Commission (SEC) retains authority over digital asset securities.