A White House advisor is urging Congress to pass cryptocurrency legislation like the Clarity Act before midterm elections shift focus. Regulatory ambiguity, especially regarding jurisdictional boundaries between the SEC and CFTC, is hindering market growth, innovation, and broader adoption by financial institutions due to uncertain legal risks. The Clarity Act aims to define which digital assets are securities (SEC) versus commodities (CFTC). While the House approved its version, and CFTC provisions advanced, the securities provisions remain stalled in the Senate. Both the crypto community and traditional banks must show flexibility for the bill to pass. Coinbase’s CEO is optimistic about legislation in the coming months.
White House adviser flags ‘rapidly closing’ window for Clarity Act as midterms loom amid crypto uncertainty, volatility
