$8 Million Lobbying Efforts Sink Crypto Regulation Bill in Senate
The Digital Asset Market Clarity Act, also known as the Clarity Act, recently failed to advance in the Senate with a 49-50 vote. This legislation aimed to split oversight of the $3 trillion crypto industry between the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
Despite its goals, critics argue that the bill's passage would have benefited large tech corporations more than consumers. Organizations associated with the crypto industry spent nearly $8 million lobbying for the legislation's success.
The lack of federal oversight over crypto investments made by the president is a concern highlighted by some Democrats. While certain provisions in the bill govern registration requirements and protection against money laundering, they do little to address ethical concerns related to the executive branch.
A poll from the Pew Research Center found that 63% of Americans are not confident in the reliability or safety of cryptocurrency. Even among those who have invested in crypto assets like Bitcoin, Ethereum, and Tether, 39% were not very confident.