Coinbase signals CLARITY Act nears passage, ending crypto oversight disputes

Coinbase Vice Chair Ryan VanGrack stated the Digital Asset Market Clarity Act (CLARITY Act) is nearing final passage. The U.S. House confirmed a hearing for the bill this week. Lawmakers aim for a floor vote before the August recess.

The legislation creates a framework assigning digital asset oversight to the SEC or the CFTC. This bill would provide legal clarity for cryptocurrency exchanges currently facing asset classification challenges. Key disputes among lawmakers remain unresolved despite the progress.