FINANCIAL TECHNOLGY—Senate releases updated Digital Asset Market Clarity Act text

The US Senate Banking Committee released updated text for the Digital Asset Market Clarity Act (H.R. 3633), which allocates regulatory jurisdiction over digital assets between the SEC and CFTC, establishes customer protections, addresses illicit finance and decentralised finance concerns, and creates a bankruptcy regime for digital commodities. The bill faces opposition from major banking trade groups and Democratic senators who argue it puts local lending at risk and contains loopholes, whilst the Blockchain Association supports it as a major step toward clear rules.

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