US Treasury and CFTC Urge Congress to Pass CLARITY Act

The US Treasury and Commodity Futures Trading Commission (CFTC) are ramping up pressure on Congress to pass the CLARITY Act, a crucial piece of legislation aimed at regulating digital assets. In recent statements, senior officials from both agencies have emphasized the need for lawmakers to advance the bill.

The push by executive agencies comes as the White House released a report challenging concerns over stablecoin yield, which has been a major point of contention in negotiations. The analysis found that banning stablecoin yield would have limited impact on bank lending while reducing consumer welfare. This development may signal a shift towards advancing the legislation.

The CLARITY Act is widely seen as a cornerstone bill for defining market structure, jurisdictional boundaries, and oversight responsibilities across US crypto markets. Despite years of debate, the bill has faced delays amid competing interests between traditional financial institutions and crypto industry participants.