Senate Urged to Pass Crypto Bill Amid Regulatory Uncertainty

US lawmakers are urging the Senate to pass a bill that aims to bring clear federal rules to the digital assets market. The CLARITY Act, which has already passed in the House of Representatives, would divide oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The legislation seeks to establish when a digital asset falls under SEC jurisdiction and when it should be treated as a digital commodity overseen by the CFTC. Industry witnesses testified before lawmakers that years of regulatory uncertainty had pushed investment and innovation outside the United States.

Randi Abernethy, head of clearing and group risk at Bullish, stated that federal regulation would subject registered exchanges to requirements covering segregated customer assets, capital, market surveillance, and examinations. Abernethy emphasized that regulatory clarity is not a favor to industry but rather how Congress brings this activity onshore under American regulators with American investor protections.

French Hill, chairman of the full House Financial Services Committee, said predictable rules are necessary to make the United States the center of the global digital ecosystem. The bill has bipartisan support and aims to preserve American leadership in financial technology.