CLARITY Act · US Senate · Democrats · Republicans · CoinDesk
Crypto Clarity Act in spotlight for bad-actor provisions as Senate process grinds forward
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Though there's no new sign of progress on the U.S. Senate's Digital Asset Market Clarity Act, the crypto industry's Blockchain Association held an online event Thursday with involved lawmakers continuing to make the case for support, especially in the law enforcement community, as the bill's advocates contend with a narrow Senate window.
Key facts
- As advocates seek the necessary 60 yes votes it'll need to pass the Senate, Lummis argued that the timing is urgent
- If we don't get it done this year, we're probably looking at about 2030 before this bill could ever have a shot again of being considered," she said
- But Patrick Witt, the White House's chief adviser on crypto, said during Thursday's online event, "They're putting real regulatory constraints on businesses and actors that currently live in a state
- His message to reluctant law enforcement officials: "You should be the biggest cheerleaders for this bill, because this is what is missing
Summary
The Blockchain Association assembled an online "town hall" to underline the industry's position that the crypto market structure bill is good for law enforcement purposes. The Clarity Act's treatment of illicit finance protections has long been one of the top points of negotiation between Democrats and Republicans, and those final points must be ironed out if the Senate has a chance of passing the bill in the next two months. Though there's no new sign of progress on the U.S.
The current version recently advanced by the Senate Banking Committee is "the most highly negotiated bipartisan, or nonpartisan, sophisticated piece of a regulatory framework for digital assets that's ever been presented to the public in this country," said Senator Cynthia Lummis, who spoke at the event.