U.S. Congress Advances STABLE and CLARITY Acts for Digital Asset Regulation
The U.S. is advancing towards a blockchain-driven financial future, but lacks a comprehensive regulatory framework for digital assets. Key points include:
- Uncertainty for innovators and investors due to ambiguous rules between the SEC and CFTC.
- The SEC's enforcement-based regulation has led to confusion and offshoring of companies.
- In May 2024, the House passed the Financial Innovation and Technology for the 21st Century (FIT21) Act, clarifying digital asset treatment under U.S. law.
- In April, the STABLE Act was passed, establishing rules for payment stablecoins to enhance transaction efficiency.
- This week, the CLARITY Act was passed, creating a framework for digital asset classification and ensuring consumer protections.
- Together, the STABLE and CLARITY Acts form a comprehensive framework aimed at positioning the U.S. as a leader in digital assets.
Congress aims to finalize this legislation to foster innovation and maintain global leadership in blockchain technology.