House Committee Passes CLARITY Act; 'Gensler-era Provisions' Spark Debate

- House Agriculture Committee passes CLARITY Act with 47-6 bipartisan vote. - "Gensler-era provisions" spark industry debate over regulatory uncertainty. On June 10, 2025, CoinCentral reported that the House Committee on Agriculture advanced its version of the CLARITY Act (H.R. 3633), approving it with a bipartisan vote of 47-6. Multiple outlets, including Cryptopolitan and Decrypt, also reported the bill's advancement on June 10. The legislation aims to establish a regulatory framework for digital assets and clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, on June 10, Cryptopolitan, PANews, and CoinCentral reported that industry players have raised concerns. These concerns focus on a new section in the CLARITY Act's amended text, described as the "Gensler-era provisions." According to these outlets, this provision would eliminate exemptions for previously issued tokens and grant the SEC sweeping authority to determine on a case-by-case basis whether each token qualifies as a security. Critics argue this approach could reintroduce regulatory uncertainty, contradicting the bill’s stated intent. On the same day, the House Financial Services Committee, chaired by French Hill, held a markup hearing on its version of the CLARITY Act. Chairman Hill emphasized the legislation's necessity, stating that regulatory uncertainty has plagued the digital asset ecosystem, stifling innovation and confusing investors. During the June 10 markup hearing, Ranking Member Maxine Waters voiced strong opposition, calling the bill the "CALAMITY Act." Waters argued it legitimizes alleged corruption by former President Trump and contended it creates loopholes that expose investors to fraud. Previously, Waters led Democratic members to request a Minority Day Hearing to scrutinize the bill and also sent a letter to the SEC expressing concern that the Republican majority was working without comprehensive technical and impact analysis of the bill. During the committee’s markup on June 10, Waters and Representative Brad Sherman proposed amendments. One amendment aimed to address alleged conflicts of interest related to former President Trump's crypto businesses, while another sought to prohibit potential "bailouts" of the crypto industry. These proposed amendments did not pass in a voice vote. On June 10, Cointelegraph also reported these developments. The Agriculture and Financial Services Committees each marked up their versions of the bill. If both committees pass their respective versions, these versions will then merge to create one comprehensive bill, which the House will then introduce on the floor. On June 8, 2025, the Financial Services Committee released an Amendment in the Nature of a Substitute (ANS) for its version, which served as the basis for their deliberations on June 10. On June 10, 2025, CoinMarketCap reported that Bitcoin (BTC) was trading at $25,463 as of 12:00 UTC, representing a 3.7% increase in 24-hour trading volume.