CFTC Chair Urges Congress to Pass Clarity Act Before August 7 Recess

According to Bitcoin Magazine, CFTC Chairman Michael Selig said in a Fox Business interview on July 9 that the Clarity Act is "very close" to passage and must be completed before Congress recesses on August 7. Selig emphasized the importance of establishing federal cryptocurrency standards, noting that fragmented state laws have harmed U.S. business. The act will allocate regulatory authority between the CFTC and SEC, providing market certainty, clarity, and consumer protection. The House approved the bill last year; the Senate has yet to hold a full chamber vote.
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