TechFlame reports that the crypto advocacy organization Stand With Crypto and 65 agencies are urging US lawmakers to support the Digital Asset Market Clarity Act (Clarity Act). The bill aims to establish a clear regulatory framework for the crypto industry, clarify the regulatory division of labor between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), require digital asset companies to disclose and segregate customer funds, and is expected to enter the review process next week. Additionally, Senate Banking Committee Chairman Tim Scott and Congressman Cynthia Lummis published relevant legislative principles last month and will hold a digital asset hearing on Wednesday. The letter specifically mentioned the urgency of legislation, pointing out that the US needs to establish a regulatory framework by the end of September to avoid falling behind in global competition.