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CFTC chair pushes Clarity Act ahead of August recess
The bill would split oversight of digital assets between the CFTC and the SEC, after Congress missed a July 4 target.
Bitcoin Magazine reports CFTC Chairman Michael Selig urged Congress to pass the Clarity Act before the August recess, calling the crypto market-structure bill “so close” despite disputes that have delayed its progress.
Selig said the legislation would divide oversight of digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission, an approach the industry has sought for years as it seeks to reduce reliance on a patchwork of state rules.
He pointed to ongoing disagreements over ethics language and stablecoin provisions, including questions tied to illicit-finance requirements and whether exchanges could pay yield on stablecoin balances.
Separately, the Senate has not yet held a floor vote, while Selig noted lawmakers missed a July 4 deadline, and he referenced that negotiators aim to release bill text and vote this month, after the Senate Banking Committee advanced the measure in a 15-9 vote with two Democrats joining Republicans.
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