Crypto Leaders More Optimistic on Clarity Act After White House Meeting
Few forecasts have been as cloudy as the fate of the Clarity Act in Congress. Passed by the House more than a year ago, the crypto market structure legislation has been hung up in the Senate by bipartisan concerns over President Donald Trump and his family’s extensive crypto-currency dealings. But crypto executives left Washington with […] The post Crypto Leaders More Optimistic on Clarity Act…
The Clarity Act, a piece of legislation aimed at structuring the crypto market, was initially passed by the House more than a year ago but has been stalled in the Senate due to bipartisan concerns over President Donald Trump and his family's extensive crypto-currency dealings. However, crypto executives expressed greater optimism about the bill's prospects after a series of high-level meetings with White House officials last week.
The main meeting occurred at the White House on August 19 with President Trump, followed by the CFTC's Innovation Advisory Commission meeting chaired by Michael Selig on August 20. A16z managing partner Chris Dixon, Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Kraken Co-CEO Arjun Sethi met privately with Commerce Secretary Howard Lutnick.
Despite efforts by Senate leaders to push the bill through before Congress' summer recess, the Senate ultimately did not vote on it. Senate Republicans, including Thom Tillis, insisted on adding conflict-of-interest provisions, while Democrats remain opposed to the bill as written. Even though other regulatory bodies have taken steps to regulate crypto markets without the Clarity Act, Senate Leadership hopes to pass the bill as soon as Congress returns in September.
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