Daijiworld Media Network - New Delhi
New Delhi, May 15: Leading cryptocurrency exchanges and industry executives have welcomed the advancement of the Clarity Act by the US Senate Banking Committee, saying the proposed legislation could provide a strong regulatory foundation for the next phase of global financial innovation.
Industry representatives said the legislation would establish clear rules governing digital assets, helping define regulatory responsibilities and improving consumer protection in the rapidly growing crypto sector.
Coinbase APAC Head John O'Loghlen said the Clarity Act marked a major step towards regulatory certainty for banks, crypto companies and users.
“The Clarity Act is a win for clear rules, which will benefit the banks, the crypto industry and the end users. For the first time, the US is on the cusp of implementing a workable framework that defines what digital assets are, who regulates them, and what rights and protections consumers have,” he said.
O'Loghlen noted that the United States joining jurisdictions such as Singapore and the European Union in creating clear digital asset regulations could significantly strengthen global cooperation in the sector.
“With the US joining markets like Singapore and the EU in establishing regulatory clarity, we expect this to turbocharge cross-border regulatory cooperation and accelerate commercial development at the frontier of financial innovation,” he added.
Referring to India’s growing role in the crypto ecosystem, O'Loghlen said the country already possessed a strong retail investor base and one of the world’s fastest-growing blockchain developer communities.
“India has all the fundamental ingredients: one of the largest retail crypto user bases and one of the fastest-growing on-chain developer ecosystems in the world. The demand and the talent are there,” he said.
The US Senate Banking Committee stated that the advancement of the legislation would help bring digital assets “out of the shadows” into a framework that is safer, fairer and more transparent.
BitDelta India CEO Vikaas M Sachdeva said the proposed framework also carried major implications for India.
“India already has strong participation, a rapidly evolving compliance framework and one of the world’s most digitally active investor bases. The next phase for the industry globally will be shaped by how effectively markets build trust around the asset class,” he said.
ZebPay COO Raj Karkara said regulatory clarity would remain essential for the sustainable growth of digital assets and blockchain technology.
“Clear frameworks not only help market participants operate with greater certainty, but also play a critical role in supporting the sustainable growth and mainstream adoption of blockchain technology and digital assets globally,” he said.
Industry experts said the proposed legislation could encourage wider institutional participation in the crypto market while increasing long-term confidence among investors, businesses and consumers.