US House Introduces Bipartisan Digital Asset Regulation Bill
US House Introduces Bipartisan Digital Asset Regulation Bill
House Committee on Agriculture Chairman Glenn Thompson and House Financial Services Committee Chair French Hill introduced bipartisan legislation to regulate digital assets, the Digital Asset Market Clarity (CLARITY) Act.
• Legislation proposes requiring customer-facing digital assets firms, including brokers and dealers, to segregate customer funds, provide disclosures and address conflicts of interest.
• Bill also proposes developers be required to provide disclosures on digital asset project operations, ownership, and structure.
• The CLARITY Act will provide clarity to customer-facing digital asset firms through comprehensive registration regimes.
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Dolgora Dorzhieva is an associate in the New York office of Faruqi & Faruqi, LLP and focuses her practice on securities litigation.
