The U.S. House of Representatives passed the bipartisan CLARITY Act on Thursday, according to Benzinga. The bill aims to resolve jurisdictional confusion between the SEC and CFTC, offering clear definitions for digital assets, tokens, and decentralized networks. The bipartisan legislation aims to unify the digital asset ecosystem by resolving overlapping enforcement and unclear regulatory jurisdiction. President and Acting CEO of the Crypto Council for Innovation, Ji Hun Kim, called the bill’s passage a milestone for American innovation and economic leadership. He said the legislation brings structure to a fragmented system by clarifying the roles of the SEC and CFTC, strengthening investor protections, and supporting decentralization and development. The legislation introduces formal definitions for digital assets, tokens, and decentralized networks. The legislation defines digital assets, tokens, and decentralized networks, and offers a safe harbor period for early-stage crypto startups to build without immediate enforcement.
