This is what you need to know about the market structure bill and efforts to pass it.
The so-called Clarity Act aims to provide legislative guardrails for the multitrillion-dollar crypto market and big digital asset firms — which could accelerate the adoption of blockchain technology and crypto in the U.S.
It seeks to clarify the Securities and Exchange Commission’s and Commodities Futures Trading Commission’s roles in regulating cryptocurrencies, in addition to creating more well-defined token classifications. It also aims to outline registration and compliance standards for a wide range of crypto brokerages, exchanges and other entities, enabling them to operate more easily in the U.S.
Those guardrails could help the U.S. court more digital assets companies to set up shop stateside, stimulating the economy and boosting the crypto market, according to Summer Mersinger, CEO of crypto trade group Blockchain Association.
“We’ve seen this massive movement of companies and activity back on shore because there is a friendly administration to crypto,” Mersinger said. But, without a market structure law, “that could all go away, especially if there’s a change to an unfriendly administration.”
That said, the bill’s implications for digital asset companies, crypto holders and other investors won’t be 100% clear until the draft legislation’s language is finalized.
