Crypto firms lobby for CLARITY Act to regulate industry, facing potential disruption from Senate Democrats

Coinbase and other crypto firms are urging US House lawmakers to pass the CLARITY Act, which would regulate the crypto industry. The act outlines the roles of the CFTC and SEC in policing crypto, with the SEC focusing on crypto-related securities. US crypto leadership is seen as slipping due to a lack of standardized rules. House plans to discuss the CLARITY Act and other bills during “Crypto Week.” Senate Democrats may disrupt the passing of the CLARITY Act due to concerns over Trump’s crypto ties. Maxine Waters criticized the bill as rushed and overly complicated, pointing out potential risks and conflicts of interest with Trump’s crypto ventures. Trump’s net worth has reportedly increased by at least $620 million due to his and his family’s crypto ventures.

Read more at Cointelegraph: Crypto Lobby Urges Congress Quickly Pass Crypto CLARITY Act