Stand With Crypto joins more than 60 organizations in urging U.S. lawmakers to support the Crypto Market Structure Act
PANews reported on July 8 that according to The Block, crypto advocacy organization Stand With Crypto and 65 other organizations sent a letter to the U.S. House of Representatives, urging lawmakers to support the Digital Asset Market Clarity Act. The bill will clarify the division of supervision between the SEC and the CFTC, requiring crypto companies to disclose retail financial information and isolate customer funds. It is expected to enter the review process next week. In the Senate, Banking Committee Chairman Tim Scott and Congressman Cynthia Lummis released relevant legislative principles last month and will hold a digital asset hearing on Wednesday.
The letter specifically mentioned the urgency of legislation, pointing out that the United States needs to establish a regulatory framework by the end of September to avoid falling behind global competition. However, the bill faces the risk of politicization, and the Democratic Party may demand restrictions on the Trump family's crypto business (Bloomberg estimates that the family has made a profit of about $620 million through the family's crypto project). Investment bank TD Cowen pointed out that the Republican Party needs to strike a balance between meeting the Democratic Party's regulatory requirements and maintaining Trump's support.
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