Senate Banking Committee Advances CLARITY Act with May 14 Markup

The US Senate Banking Committee has taken a significant step towards regulating digital assets with its recent announcement of a May 14 markup for the CLARITY Act.

The bill, which has been in the works for months, aims to establish clear rules for crypto regulation and provide transparency for investors. According to industry voices, this is a critical procedural step that would pave the way for federal digital asset market structure rules.

Supporters of the CLARITY Act argue that it would create clearer lines between regulatory bodies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and establish registration and operational requirements for brokers, dealers, and exchanges serving digital asset customers.