U.S. CFTC Chair Calls for Passing the 'Clarity Act' Before Congress Recesses on August 7

CoinFeed July 9 news, according to Bitcoin Magazine, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said in a Fox Business interview that the 'Clarity Act' is 'very close' to passage and must be legislated before Congress recesses on August 7. Selig emphasized that establishing federal crypto asset standards is 'critically important,' as the fragmentation of state laws has harmed U.S. commerce, and the bill will provide certainty, clarity, and consumer protection to the market. Selig criticized Democrats' insistence on ethics provisions as a 'derailment distraction' that is 'undermining a real opportunity for a bipartisan bill.' The bill would divide regulatory authority over crypto assets between the CFTC and SEC. It passed the House last year and has not yet had a full Senate vote.