On July 8th, according to Cointelegraph, the Coinbase crypto lobbying group, along with multiple cryptocurrency companies, urged U.S. House Representatives to pass the CLARITY Act during next week's session to clarify the regulatory framework for the crypto industry.

In a joint letter issued this Monday, the Stand With Crypto coalition, along with 65 crypto advocacy organizations and companies, urged lawmakers to support the "Digital Asset Market Structure and Clarity Act" (CLARITY Act). The letter stated: "We understand that some are attempting to politicize cryptocurrency legislation, but crypto technology is fundamentally reshaping the global economy. Without swift action to adopt blockchain-friendly policies in the U.S., the country risks falling behind others."

The CLARITY Act clarifies the division of responsibilities between the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in crypto regulation. The act grants CFTC the majority of regulatory authority over the crypto market, while SEC oversees crypto products related to securities.