US Lawmakers to Review Crypto Market Structure Bill on June 10

The House Financial Services Committee has confirmed a date for the markup of the CLARITY Act, advancing the widely anticipated bill one step closer to becoming law. The CLARITY Act is riding the wave of bipartisan support, but its progress depends on the passage of the GENIUS Act.

US House Committee Schedules Markup Of CLARITY Act

The United States House Committee on Financial Services is accelerating work on the market structure bill, scheduling it for markup. According to an X post by crypto journalist Eleanor Terrett, the Financial Services Committee will mark up the Digital Asset Market Structure Clarity Act (CLARITY Act) on June 10.

The CLARITY Act seeks to provide a comprehensive framework for digital asset regulation in the U.S. During its presentation on May 29, lawmakers supporting the bill disclosed that it will offer clear definitions for digital assets and establish oversight rules for regulatory agencies.

Members of the Committee will convene at the Rayburn House Office Building to review the provisions of the CLARITY Act. The markup session will allow the congressional committee to conduct internal debates and propose amendments to the bill before its formal introduction on the House floor.

Ahead of the markup, eight crypto groups are lobbying to add the Blockchain Regulatory Certainty Act to the CLARITY Act. A common denominator among the groups is the need to provide protections for DeFi developers who do not hold customer funds, preventing them from being treated as traditional financial institutions.

Bill Garners Broad Industry Support, But All Eyes Are on the GENIUS Act

The CLARITY Act has received wide industry support over its attempt to provide the cryptocurrency industry with uniform regulation. Ripple Labs Chief Legal Officer Stuart Alderoty has praised the CLARITY Act as a right step in the right direction for the U.S.

Alderoty described the bill as a “big win” for the entire digital asset industry and a foundation for future regulation.

Beyond industry support, the bill is also benefiting from bipartisan momentum in a deeply divided Senate. Several senators from both parties have expressed interest in passing the market structure bill.

However, there are fears that a failure to pass the GENIUS Act could derail the smooth sailing of the CLARITY Act. The US Senate is nearing a vote on the GENIUS Act, and optimism for a passage into law in the coming days is reaching frenetic levels. Notably, the GENIUS Act is a regulation for stablecoins.