US Congress Advances CLARITY Act Despite Concerns Over CFTC Resources

The CLARITY Act, a major cryptocurrency market bill, has cleared another hurdle in Congress, despite concerns about the Commodity Futures Trading Commission's (CFTC) ability to oversee digital commodities.

Under the bill, the CFTC would gain primary authority over spot transactions involving digital commodities, and crypto exchanges, brokers, dealers, and custodians handling those assets would have to register with the agency.

Critics argue that the CFTC may not have enough staff or funding to handle the new mandate, which could lead to a large regulatory system without adequate resources. The bill's proponents say it would end years of conflict between the Securities and Exchange Commission (SEC) and the CFTC over crypto oversight.