The CLARITY Act (HR 3633)is moving forward in the House. A hearing was held yesterday on the legislation that aims to create a regulatory ecosystem to enable digital asset innovation while protecting consumers.
The legislation is extensive, and the House Financial Services Committee has created a one-pager to share the highlights of the bill, which is available here.
Chairman of the Committee, French Hill states:
“Digital assets and blockchain technology are driving the next evolution of the internet. This technology empowers individuals, spurs innovation, and creates new economic opportunities.”
While there are some in Congress who do not support digital asset innovation, the legislation does garner bipartisan support and thus has a good chance of becoming law.
The Republicans on the Committee have compiled a list of quotes in support of the legislation. As you can expect, digital asset industry insiders support the bill as do those individuals desiring consumer protections.
Below is a curated selection of the statements supporting the bill.
“Market structure legislation is as inherently complex as it is vital for America’s digital asset future. Clear, well-crafted rules will determine whether the United States maintains its leadership in the global digital economy or cedes this advantage to other nations. The process behind the CLARITY Act demonstrates the careful approach necessary to navigate these complex policy challenges – and its bipartisan support signals Congress’ growing recognition that digital asset policy is about American competitiveness and innovation, not partisan politics.”
Summer Mersinger, CEO, Blockchain Association
…The CLARITY Act reflects meaningful bipartisan work across committees and incorporates important refinements that balance innovation with consumer protection and financial integrity. Coin Center strongly supports these efforts and stands ready to assist members of the Committee as the bill advances.”
Peter Van Valkenburgh, Executive Director, Coin Center
“Currently, the U.S. is falling behind other major jurisdictions who have advanced regulatory frameworks for digital assets. Major economies like the European Union, Singapore, and Japan have made significant progress in this area. Without Congressional action, we risk American innovators migrating offshore and consumers turning to unregulated offshore markets.”
Ji Hun Kim, President and Acting Chief Executive Officer, Crypto Council for Innovation
“Yesterday was big. Market structure legislation got passed out of both the House Ag and Financial Services committees with bipartisan support. This bill does 3 things: 1- protects consumers, 2- gives long-term incentives for both builders & investors, 3- makes sure crypto stays in the U.S. If we want a better internet, we need blockchain networks being built here in America. This bill enables that. Yesterday was a solid step in the right direction, but we now need this bill to come to the House floor and then move to the Senate for approval. Let’s get this done so we can ensure the U.S. remains the crypto leader for decades to come.”