The future of the US crypto industry remains uncertain as lawmakers grapple with the CLARITY Act. While the much-awaited crypto bill intends to bring clarity to the crypto industry, major players are still negotiating critical points to ensure the legislation addresses concerns of the ecosystem.
While Coinbase and the other industry groups highlight the need to update the bill, addressing the market’s concerns, the CFTC posits that the CLARITY Act is nearing its final passage. Despite delays in Senate markup and diverse opinions among industry players, the market is closely watching the potential passage of the market structure bill.
Crypto Industry Eyes CLARITY Act Passage
As discussions are going on around the much-awaited CLARITY Act, its potential passage and possible amendments are still uncertain. While multiple delays announced by the US Senate for the markup hearing have cast a shadow over the future of the crypto bill, more arguments and opposition further worsen the condition.
In an earlier X post today, Coinbase CEO Brian Armstrong shared insights on the latest developments within the market structure bill. Commenting on last week’s CLARITY Act update, Armstrong noted,
“Now we’re all working together to find a win-win scenario for everyone, especially the American people.”
Armstrong recently emphasized the significance of getting the crypto bill right. This means that the bill’s focus should be on creating a framework that benefits both the industry and the American public. He has raised concerns about certain provisions that impact the market. The exchange has made it clear that the bill should be well-structured to be passed, opposing the rushed passage of flawed legislation. Armstrong noted, “Rather have no bill than a bad bill.”
Congress Poised to Pass Crypto Bill: CFTC
Amid these ongoing discussions, CFTC Chairman Michael S. Selig stated that Congress is close to passing the CLARITY Act. Selig noted,
“And thanks to President Donald Trump’s leadership, Congress is now on the cusp of enacting the Digital Asset Market Clarity Act, which would provide long-overdue regulatory clarity to an American industry that embodies the promise of the future.”
This indicates that the CFTC expects Congress to pass the market structure bill soon, bringing much-needed clarity to the industry. If passed, it will set clear rules for trading, custody, and DeFi activities. According to the CFTC Chair, the legislation is poised to foster innovation in the US while protecting investors.
SEC Seeks Public Input on DeFi Rules
As some of the provisions of the market structure legislation, particularly those connected with DeFi, spark controversy, the Securities and Exchange Commission (SEC) is seeking public input. The regulator has asked the public to comment on self-custody rights, tokenized trading, and DeFi market activities.
Interestingly, the SEC received two diverse opinions from Louisiana retail users and the Blockchain Association. The Lusiana submission, represented by DK Williard, referred to state law HB 488, which protects residents’ rights to hold their own cryptocurrencies. The team urges the lawmakers to maintain strong safeguards such as registration, transparency, and anti-fraud rules.
At the same time, the Blockchain Association asks the SEC to clarify dealer rules. They argue that firms trading tokenized equities or DeFi assets only for their own accounts should not automatically be classified as dealers required to register under existing security laws.
