Senate Banking Committee Advances CLARITY Act for Crypto Oversight

The Senate Banking Committee has moved forward with H.R. 3633, known as the CLARITY Act, following a 15-9 vote on May 14. This development brings the bill closer to being considered on the Senate floor. The proposed legislation aims to designate the Commodity Futures Trading Commission (CFTC) as the primary federal regulator for a significant portion of cryptocurrency spot-market activities. According to NS3.AI, the CFTC's Office of Inspector General reported a decrease in payroll full-time equivalents, dropping from approximately 708 at the end of fiscal year 2024 to around 556 by the end of fiscal year 2025.