White House · Sam Altman · Google · Donald Trump · CLARITY Act · US Senate · The Verge
The crypto Clarity Act returns to the Senate this week
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Key facts
- This is the market structure bill, i.e., the comprehensive law that will instruct the market on how stablecoins, or digital tokens pegged to the value of $1 USD, will be legally regulated
- The word ‘compromise’ is etymologically accurate,” said Vassilis Tziokas, the vice president of growth at the blockchain technology company Matter Labs, who was not in negotiations but has analyzed
- Elizabeth Warren (D-MA), a harsh critic of the crypto industry and the ranking member of the Senate Banking Committee
- In one year in office, the President and his family have raked in at least $1.4 billion in gains from crypto deals alone, and yet this bill stunningly includes zero provisions to prevent
Summary
Speaking of liminal spaces and endless hallways that drive their inhabitants insane: Today, they're going to Capitol Hill, where the Senate is, at long last, finally revisiting the crypto market structure bill known as the Clarity Act. On Sunday, as the crypto industry was about to take victory laps for getting the Clarity Act back to the Senate, the American Bankers Association, one of the largest financial industry interest groups in the country, sent out an email that immediately ruined their Mother’s Day. Rarely does one see Wall Street panic this much over pending legislation, but the Clarity Act, which is slated to return to the Senate Banking Committee for markup on Thursday, does pose a meaningful threat to traditional finance, or at least, the tradition of “holding money in bank accounts that pay interest to customers.
The upside for the crypto industry is that they all seem to be on the same page now. “The word ‘compromise’ is etymologically accurate,” said Vassilis Tziokas, the vice president of growth at the blockchain technology company Matter Labs, who was not in negotiations but has analyzed all 300-plus pages of the current bill.