CLARITY Act Fails to Pass, Digital Asset Industry Left Without Clarity

The CLARITY Act, aimed at establishing a clear regulatory framework for digital assets in the US, has failed to pass in the Senate. The industry insiders are disappointed but not surprised by the outcome.

Bernardo Brites, co-founder and CEO of Trace Finance, believes that imperfect regulation is still better than no regulation at all. He notes that a regulatory framework can have a catalyzing effect on the adoption of digital assets among large US enterprises and institutions.

Alex Witt, founding general partner of Verda Ventures, thinks that crypto will be fine without the CLARITY Act. She believes that the SEC and CFTC are ready to push the industry forward, and blockchains will continue to produce blocks, regardless of regulatory clarity.