Deep Tide TechFlow news: On July 09, according to Bitcoin Magazine, Michael Selig, Chair of the U.S. Commodity Futures Trading Commission (CFTC), said that the crypto market structure bill, the Clarity Act, “is very close to being achieved,” and urged Congress to get it passed before the August recess.

The bill is intended to clarify the division of responsibilities for digital asset regulation, assigning some regulatory duties to the CFTC and the U.S. Securities and Exchange Commission, respectively. The bill’s advancement is still affected by multiple controversies, including Democrats pushing for the inclusion of ethics provisions, as well as disagreements over stablecoin interest payment arrangements and illicit finance regulatory rules.