Representative David Scott criticized the Digital Asset Market CLARITY Act for enabling crypto firms to bypass oversight and warned that the bill would task the Commodity Futures Trading Commission (CFTC) with responsibilities it is not adequately funded or equipped to manage, particularly regarding retail-facing investment products.

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"The bill allows crypto firms to bypass proper oversight and ignore investor protections, as I have outlined on multiple occasions here and in the finance committee," he said, arguing that the bill doesn't properly fund the commodities regulator.
The CFTC, though essential, is not designed to oversee retail-facing investment products.