The US House on Thursday passed the CLARITY Act, a first-of-its-kind cryptocurrency market structure bill that has divided the industry. 

The bill passed in a 294-133 vote with 78 Democrats voting in favor of the measure. 

Read more: Move over, big, beautiful bill: Crypto Week is coming

The CLARITY Act divides authority over digital assets between the Commodity and Futures Trading Commission and the Securities and Exchange Commission. 

The legislation also establishes a formal definition for “digital commodities.” These would fall under the CFTC’s purview while cryptocurrencies classified as securities would be the SEC’s responsibility. 

Representatives who…

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