House Financial Services Committee Members Outline Views Ahead of CLARITY Act Vote

With the CLARITY Act set to be considered by the full U.S. House of Representatives after being advanced by committee votes on Tuesday (June 10), members of the House Financial Services Committee issued press releases outlining their opposing views ahead of the next vote.

The CLARITY Act (H.R. 3633) aims to establish a regulatory framework for digital assets in the U.S. It was advanced Tuesday by the House Financial Services Committee by a vote of 32 to 19, and by the House Agriculture Committee by a vote of 47 to 6.

The House Financial Services Committee put out a press release Friday (June 13) that curated social media posts supporting the legislation. The dozen statements gathered by the committee included ones from crypto companies, trade associations and others who said that the regulatory clarity offered by the bill would support innovation in the field.

Chris Dixon, founder and managing partner of venture capital fund a16z crypto, said in a post on X: “This bill does 3 things: 1– protects consumers 2– gives long-term incentives for both builders & investors 3– makes sure crypto stays in the U.S.”

Nathan McCauley, co-founder and CEO of global crypto platform Anchorage Digital, said in a post on X: “The CLARITY Act is a meaningful step toward stronger digital market structure.”

Crypto exchange Coinbase said in a post on X: “Bipartisan momentum is building. Lawmakers from both sides agree: it’s time to protect consumers and unlock American innovation with clear crypto legislation.”

The ranking member of the House Financial Services Committee, Rep. Maxine Waters, D-Calif., issued a press release Thursday (June 12) opposing the CLARITY Act. The release outlined 27 amendments that she and other committee Democrats had offered, that were rejected before the bill was advanced to the full House.

Waters said in the release that while the bill, which she dubbed the “CALAMITY Act,” passed the committee, it “has a long way to go” before it could be signed into law.

“This bill includes loopholes and exemptions from regulation that expose everyday investors to fraud, pave the way for FTX-style fraud and collapses, and endanger our national security,” Waters said. “And it hands even more power to megabanks and crypto giants. Despite the industry’s request for clarity, this bill creates vague new definitions that will result in endless litigation.”