The draft law of the House of Representatives to cryptoma markets on course, but some in the industry hope for a revision in the Senate
Industry insiders in the crypto area have so far expected that the long-awaited draft of the representative for the establishment of rules for the US cryptoma markets in the planned coordination, which could already take place on Wednesday afternoon, will combine at least 30 democratic voices in addition to the 220-member republican majority in the House of Representatives.
While a large part of the sector is preparing to celebrate one of its most important legislative success, some actors in the industry would like to continue to remedy the serious defects in the digital asset markets Clarity Act when they are presented to the Senate. This could be an option, since crypto lobbyists of contacts in the Senate have been informed that the committee is planning to design its own law that will have overlap with the Clarity Act, but could pursue different approaches in crucial areas.
“After years of regulatory ambiguities and enforcement through regulation, the adoption of the Clarity Act in the House of Representatives will be an important and welcome step, even if it is not perfect,” said Chen Arad, co -founder and Chief Experience Officer at Solidus Labs, in a statement to Coindesk. If the draft law is submitted to the Senate, he expects further work on the “judicial clarity” between the supervisory authorities – the Commodity Futures Trading Commission (CFTC) und der Securities and Exchange Commission (SEC).
Behind the scenes, including in group calls between crypto managers and their ally politicians, leaders have urged the diverse crypto community to show a uniform front in relation to legislation in order to finally establish US regulations for the industry, so people who are familiar with the conversations. But the decentralized financial sector (DeFi) In the area of digital assets, considerable reservations about the wording of the Clarity Act have expressed.
If the legislation is adopted with cross -party support this week, it will next go to the Senate for examination. This week, the Republicans in the House of Representatives already described the “Crypto Week” and prepares the procedural votes on Tuesday to initiate the more important votes in the law, whereby the Clarity Act is expected to be voted on Wednesday and Genius Act on Thursday.
President Donald Trump asked the Republicans on Tuesday to support the legislative efforts in the field of cryptocurrencies, and in a contribution to Truth exposed the United States that this brings the United States to foreign competitors in China and Europe.
“We lead the world and will work intensively with the Senate and the House of Representatives to say goodbye to even more legislation in this area!” Trump Castle.
New beginning in the Senate?
The comprehensive Clarity Act would establish a completely new regulatory system for the supervision of the cryptoma markets, determine clear definitions for different types of digital assets and assign the supervisory authorities specific roles – in particular the CFTC as the main regulator for the majority of the trade in the crypto sector, since its most popular asset (BTC) is a commodity.
While the chairman of the Senate banking committee, Tim Scott, announced the Clarity Act will be a “strong template” For the work of the Senate, the Senate with the other important crypto law, which regulates the stable coins, (Genius) Act, shown that he may prefer his own version. Members of the House of Representatives only expressly expressed concerns on Monday evening that details of their Clarity Act could be ignored by their colleagues in the Senate. The House of Representatives lasted last week recognized that it would reject its own stable coin calculation In favor of the Senate version, instead of trying to agree the two draft laws.
Industry lobbyists have eagerly waited for the precise formulation of the Senate market -structural draft law, since you have only received a list ofPrinciples that the leading Republican MPs wanted to follow in the elaboration. While the lobbyists are waiting, the Senate Agriculture Committee – one of the two bodies that have to adopt the law – holds its hearing on the subject on Tuesday afternoon.
The disputes between the chambers could include the maturity test in the Clarity Act, which would effectively draw a limit that determines whether a project under the responsibility of the securities supervision (SEC) or the raw material supervision (CFTC) falls.
“It is great that the draft law encourages blockchains for decentralization,” said Linda Jeng, founder and CEO of Digital Self Labs and a scientist with a focus on crypto. “But unintentional consequences could arise if the SEC and the CFTC are granted the authority to determine whether a blockchain is 'matured'.”
This is one of the central principles of the Clarity Act, the method through which a project can finally achieve a decentralized status that leads it out of the scope of securities regulation. And it is a component in which some actors in the Defi area argue that it is not treated fairly.
Defi-insider said Coindesk that there is inadequate protection for the self-custody of digital assets and that the maturity test would prefer to compete some established projects, which makes it difficult for new market participants. In addition, they expressed concerns about the need to ensure a clear federal priority control compared to the patchwork of state regulations. A manager also called for the current language to extend the current language for “digital raw material” transactions to “digital assets”, since defi projects would have difficulty if they had to determine in advance whether any action concerns or not according to the legal definition.
When the Senate takes over the rudder, the chamber will be flooded even more by crypto interests that strive for such changes. And if he wrote another law on the market structure, the House of Representatives could be under pressure to coordinate this revision without further changes if the situation is repeated with the Genius Act. It is already likely that the Congress of Trump will exceed Trump's original deadline in August for crypto legislation, and the president is very important for results.
In the end, even the work of the Senate will not be the last word, because as soon as a regulatory law comes into force, the responsible supervisory authorities must issue their own regulations for its implementation – a complex process that can take more than a year and even longer until it comes into force.
But the House of Representatives has to act before the rest can begin.
Progress in the House of Representatives
Since the coordination of the Clarity Act is getting closer, the lobbyists for digital assets concentrate with full attention on how many Democrats ultimately submit their yes votes together with the Republicans. During the vote last year on the previous law, the Financial Innovation and Technology for the 21st Century Act (FIT21)71 Democrats agreed, but the Senate did not take any further steps.
This time the supporters hope for another large, cross -party number that will give the Senate a strong boost for the market structure ideas of the House of Representatives. (The Senate's own genius act received an impressive consent of 68 to 30 in a chamber that is used to beating through with narrow majorities.)
The leading Democrats in the House of Representatives have decided not to set up a blockade for their own members in this draft law, so that they can vote freely as they wish, said Rashan Colbert, US policy director of the Crypto Council for Innovation. He described this as an important development that gives the rainwind positive for cryptocurrencies.
If we can achieve an overwhelming cross -party majority here, this clearly becomes an indispensable priority, “said Colbert in an interview with Coindesk.” If the number is disappointing, it will be more difficult in my opinion, “he added. Has some prominent allies in AFL-CIO and im North American Association of Securities Contract Authoritiesthe organization of the state security supervisory authorities.
Consumer advocates have also expressed themselves, with a coalition of them in A letter to the congress that the Clarity Act “guarantees that the crypto industry will be treated by captured regulatory authorities with velvet gloves, which exposes considerable risks.”
Nevertheless, the industry relies on broad support from the Democrats-especially of younger Democrats, who regularly ask themselves across the management level in crypto questions.
“It was a long way to get here, and I think it is unrealistic to believe that we will be able to create this kind of dynamic again,” said Colbert of CCI. “For those who want regulation, this is an important moment to focus and support the process.”
