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House Ag Committee hears strong support for CLARITY Act

Financial leaders are urging the U.S. House Ag Committee to support bipartisan legislation to create federal regulations for digital asset markets.

Former General Counsel of FTX US Ryne Miller stressed the need for quick action during Wednesday’s hearing.

“The most important point is that it prompts registration,” he said. “The registration brings in examinations, auditing, governance requirements, independent directors, and record keeping.”

FTX US was the U.S.-regulated subsidiary of the cryptocurrency exchange FTX, which filed for bankruptcy in 2022.

CEO and Co-Founder of the blockchain company Aptos Labs Avery Ching says the legislation would support rapid development and adoption in rural areas.

“There’s a lot of innovation that can happen right now inside of rural America and agriculture, some of the examples of that we’ve seen the past in this committee’s hearings have been cattle tracking, data lineage, and more,” he shares.

The Digital Asset Market Clarity (CLARITY) Act establishes requirements for digital asset market participants, prioritizing consumer protection while fostering innovation.

While a co-sponsor, Ranking Member Angie Craig of Minnesota raised concerns about how the limitations aren’t applying to the President.

House Committee on Agriculture Chairman Glenn “GT” Thompson, House Committee on Financial Services Chairman French Hill, House Majority Whip Tom Emmer of Minnesota, House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson of South Dakota, House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil of Wisconsin, Rep. Warren Davidson of Ohio, and House Agriculture Committee Ranking Member Angie Craig of Minnesota are among the original co-sponsors.