CLARITY Act Failure Sparks Outrage from Crypto Critics
Gold advocate and longtime Bitcoin critic Peter Schiff has taken another swipe at the world's largest cryptocurrency, calling it 'worthless' after the failure of the CLARITY Act. The U.S. Senate failed to advance the legislation on Tuesday, falling short of the required sixty votes to move forward.
The act's defeat is a crushing blow for the cryptocurrency industry, with Galaxy Digital CEO Mike Novogratz stating that 'Govt feels broken.' According to him, the approaching U.S. elections had shaped lawmakers' calculations, making it impossible to solve the remaining disagreements.
Not everyone is disappointed, however. Coinbase CEO Brian Armstrong believes that the SEC and CFTC already have enough authority to establish clearer cryptocurrency rules. He also suggests that the industry can no longer rely on Congress for regulatory strategy.
Binance co-founder Changpeng Zhao, commonly known as CZ, struck a relatively optimistic tone, stating 'If there is any silver lining, stablecoins (can) continue to have yield.'