CLARITY Act Falls Short in Senate Vote
US Senators voted down the CLARITY Act on July 4, a bipartisan bill aimed at regulating digital assets and providing clarity to the sector. This setback has left top leaders in the crypto and fintech industries disappointed.
Coinbase CEO Brian Armstrong expressed disappointment with the failed legislation, stating that regulation can no longer wait for Congress. He believes the SEC and CFTC can establish clearer rules under existing authority, bringing 'clarity to crypto regardless.'
Armstrong highlighted two options for Senators: voting 'Yes' on the CLARITY Act to promote innovation and protect consumers or letting other countries lead in building the future of finance.
Mike Novogratz, founder and CEO of Galaxy Digital, also voiced his disappointment, stating that a bipartisan proposal was 'hi-jacked by politics.' He expressed faith that the SEC and CFTC will drive forward with rules for the crypto industry.