PANews reported on June 11 that according to The Block, the U.S. House of Representatives Agriculture Committee passed the Digital Asset Market Clarity Act on Tuesday with 47 votes in favor and 6 votes against. The bill will clarify the division of supervision of cryptocurrencies between the SEC and the CFTC, requiring digital asset companies to disclose customers and isolate customer funds. The latest revised terms clarify that non-custodial platforms and their developers are not "unlicensed service providers."

The bill must be approved by both the House Financial Services Committee and then sent to the full House for a vote. Earlier on Tuesday, when the House Agriculture Committee debated the "Clarity" bill, some lawmakers raised concerns about the need for additional funding and staff at the CFTC. The CFTC is smaller, with fewer than 1,000 employees, while the SEC has more than 4,000 employees. According to Reuters, 600 employees left the SEC earlier this year.