The CLARITY Act Passes House Committees, Heads to Full House Vote

The Digital Asset Market Clarity (CLARITY) Act has passed through two key committees and will be up for a full House vote.

The bill allocates responsibilities between two main agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also outlines the basic requirements for crypto exchanges, brokers, and dealers, including how they should manage customer funds, maintain records, and share information with users.

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Another part of the proposal protects people’s right to use non-custodial wallets, which means they can hold their crypto directly and make transactions without relying on intermediaries.

The House Agriculture Committee first approved the bill with a vote of 47 to 6. Then, the House Financial Services Committee passed it with a 32 to 19 vote.

Representative French Hill, the bill’s sponsor, praised the progress and noted that it followed previous work by Representative Bryan Steil, who led efforts on a separate stablecoin bill. Steil, who chairs the Financial Services Subcommittee on crypto, called the vote a meaningful step.

Additionally, on June 10, Representative Hill introduced an amendment to ensure that certain blockchain developers and service providers would not be classified as money transmitters.

The amendment to the CLARITY Act follows a request from a group of US crypto advocacy organizations seeking to attach the Blockchain Regulatory Certainty Act (BRCA). What did the group say? Read the full story.