Key Milestone in US Crypto Regulation: CFTC Chair Urges Rapid Passage of the "CLARITY Act," Industry Divisions Widen

March 4 News: The legislative process for the U.S. digital asset regulatory framework has heated up again. Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), recently publicly called on Congress to pass the CLARITY Act as soon as possible, believing that this bill is an important foundation for building the future digital asset market structure and clarifying the regulatory responsibilities of cryptocurrencies.

Michael Selig posted on social media that the U.S. must quickly establish a forward-looking digital asset regulatory system, and the CLARITY Act is a key step in achieving this goal. He emphasized that the CFTC is ready to implement the relevant market structure framework under the current administration and believes that this bill will help the U.S. maintain a leading position in global crypto finance competition.

Former President Trump also publicly supported the bill and urged Congress to accelerate the legislative process. Trump stated that the banking industry and the crypto sector in the U.S. need to reach certain compromises on regulatory rules to facilitate the bill’s final passage. He believes that a comprehensive digital asset regulatory system will help solidify America’s advantages in blockchain innovation.

Despite some policy support, the CLARITY Act still faces significant disagreements at the legislative level. One of the contentious issues centers on stablecoin yield mechanisms. Some banking institutions worry that stablecoin yield plans could disrupt the traditional deposit system, while industry insiders believe that such mechanisms are important for promoting blockchain financial innovation and capital efficiency.

Meanwhile, some representatives from the crypto industry have also criticized the current version of the bill. Charles Hoskinson, founder of Cardano, stated that the current draft might classify most digital assets as securities, which could give regulators more scope for enforcement and create uncertainty for industry development. He called on lawmakers to adjust relevant provisions to ensure that technological innovation is not overly restricted by regulation.

Currently, the U.S. Congress is expected to revisit digital asset legislation this month. Although the initial deadline in early March has passed, the industry remains focused on whether the next round of discussions can make substantive progress on the regulatory framework. As countries around the world accelerate the development of crypto asset rules, the direction of U.S. digital asset legislation has become a key focus for the market.