Overview

• The committee debated the Digital Asset Market Clarity Act’s proposal to split regulatory authority between the SEC and CFTC for digital asset platforms
• Democrats argued the legislation creates loopholes that could allow traditional financial firms to evade SEC oversight under CFTC rules
• Rep. Maxine Waters and Rep. Jim Himes led calls for beefed-up consumer safeguards and conflict-of-interest clauses to address ethical concerns
• Lawmakers highlighted President Trump’s newly unveiled crypto wallet and his family’s estimated $2.9 billion in crypto profits as a risk factor
• Despite bipartisan co-sponsorship, the bill needs at least seven Democratic Senate votes to reach the 60-vote threshold required for passage