Federal Legislative Push on Crypto Market Structure
The CLARITY Act, a bipartisan bill establishing federal market structure rules for digital assets, is moving toward a congressional vote with momentum from Republican lawmakers and industry support. Coinbase Chief Policy Officer Faryar Shirzad characterized the measure as "extraordinarily bipartisan," signaling broad support across party lines. Senator Dave McCormick told Fox Business that lawmakers are pressing for an immediate vote, though he indicated Democratic opposition may delay proceedings.
New York Attorney General Letitia James has emerged as a prominent critic of the federal framework, arguing it could restrict state-level crypto enforcement authority. James urged Congress to impose stronger consumer protections on digital asset platforms, signaling concern that federal preemption would weaken regulatory tools available to states. The tension reflects an ongoing debate over whether federal or state regulators should hold primary jurisdiction over cryptocurrency markets.
