The Senate Banking Committee has taken a significant step towards passing the Clarity Act, a comprehensive crypto market structure bill. The bill, which aims to clarify US crypto regulations, was advanced with a bipartisan vote of 15-9 on May 14.
The Clarity Act would establish which regulator - the SEC or the CFTC - has jurisdiction over specific digital assets, ending the enforcement-by-ambiguity approach that has defined US crypto oversight since 2017. This would provide much-needed clarity for investors and help to unlock growth in the multi-trillion dollar crypto market.
Ripple's Chief Legal Officer, Stuart Alderoty, welcomed the development, stating that it was a 'monumental outcome' that would protect everyday Americans who participate in the crypto economy. With 67 million Americans already holding crypto, the data is clear - it's time for clear rules and regulations.