Bill Hughes, senior counsel at Consensys Software, advocates for the passing of the US Digital Asset Market Clarity Act, known as the CLARITY Act, to establish the US as a leader in digital assets. The bill would create real regulation, not an industry wish list, setting high standards for decentralization and transparency in the blockchain industry.

CLARITY is not a sweetheart deal for the crypto industry, but a necessary step towards improving the US market structure. The bill encourages innovators to build transparently, pushing the US ahead on the world stage. Despite some disagreements on provisions, CLARITY would benefit consumers, entrepreneurs, and the American economy.

The passing of CLARITY would enhance the SEC and CFTC’s ability to regulate the blockchain industry effectively, ensuring investor protection and market integrity. The bill mandates regulators to work together to create a durable regulatory framework that recognizes the unique nature of blockchain technology. CLARITY represents a pivotal moment for US innovation and leadership in the digital asset market.

Read more at Cointelegraph: CLARITY Isn’t Perfect, but It’s the Bill US Congress Must Pass This Summer