Coinbase crypto lobby urges Congress to back major crypto bill

US House lawmakers have been urged by 65 crypto organizations to pass the CLARITY Act, which would hand most policing of crypto to the CFTC.

Coinbase's lobbying arm, along with a swathe of crypto firms, has urged US House lawmakers to quickly pass a major bill when they meet next week that would lay out how the crypto industry is regulated.

In a letter sent on Monday, Stand With Crypto and 65 crypto advocacy groups and firms asked House lawmakers to back the Digital Asset Market Clarity Act — better known as the CLARITY Act.

“We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy the U.S. risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology,” it said.

The CLARITY Act specifies the roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission in policing crypto. It gives most of the jurisdiction over crypto to the CFTC, but the SEC would regulate products such as crypto-related securities.