Key Crypto Trade Groups Call For CLARITY Act’s Passage

Key Points

1. The Blockchain Association, The Digital Chamber, and the Crypto Council for Innovation called on U.S. lawmakers to advance the CLARITY Act, describing it as 'meaningful progress' for crypto regulation.

2. The CLARITY Act would delegate crypto regulatory oversight from the SEC to the CFTC, marking a shift from the SEC's enforcement-heavy approach.

3. The trade groups' letter coincides with the Republican Party's 'Crypto Week' on Capitol Hill, while Democratic lawmakers announced an 'Anti-Crypto Corruption Week' in opposition.

4. Congressman Stephen Lynch criticized Republicans for supporting crypto legislation, citing concerns over potential abuses in the crypto industry.

5. The trade groups emphasized the importance of U.S. leadership in digital assets and expressed willingness to collaborate with lawmakers.