Clarity Act Faces Senate Vote Amid Jobs and Economic Growth Claims
The Clarity Act is set to face a crucial Senate vote on September 15. The bill aims to establish federal standards for digital assets, exchanges, and other activities, with jurisdiction divided between the SEC and CFTC.
Ripple's Chief Legal Officer Stuart Alderoty has been advocating for the bill, claiming it could boost job creation and economic growth in America. However, his argument is based on a report by the National Cryptocurrency Association (NCA), which he leads, that estimates the crypto industry will provide approximately 232,000 jobs in total by 2026.
The NCA report, titled 'Crypto at Work,' found that the employment effect of the crypto industry would be around 75,000 supplier jobs and 123,000 jobs related to employee spending. The average salary for these positions is expected to be around $133,000, compared to the national average of around $64,000.
The report also suggests that crypto-linked economic activity could add up to more than $55 billion to the GDP of the country by 2026. California has the highest number of estimated jobs at around 57,649, followed by New York and Texas with 53,766 and 26,536 jobs respectively.