The chairman of the Senate Agriculture Committee, John Boozman, announced an updated draft of the CLARITY Act, despite lacking Democratic support. In light of the stagnation of the Banking Committee, Boozman is pushing a version that grants primary oversight of digital assets to the CFTC and hopes for its approval next week.
The Stagnation of Bipartisanship
As the Banking Committee postpones its review (now until March) due to disputes over the performance of stablecoins and the housing priorities of the Trump administration, expert Eleanor Terrett points out that the Agriculture Committee will move forward with its bipartisan bill.
Key Points of the CFTC Draft
This bill focuses on the regulation of digital assets under the jurisdiction of the CFTC. It includes clear guidelines for the registration and regulatory compliance of crypto services, and details the categorization of assets to resolve the SEC vs. CFTC regulatory battle.
Pressure from the White House
Despite overall delays, the White House insists on accelerating the progress of the legislation. President Trump stated in Davos that the Senate will not rest until this bill becomes law, thus opening the U.S. to new financial avenues and making it the global capital of cryptocurrencies.
