Clarity Act Gains Momentum as Younger Democrats Back Bipartisan Bill

According to Faryar Shirzad, Coinbase's Chief Policy Officer, the Clarity Act is likely to pass despite some opposition from older Democrats. The bill aims to set in stone digital asset regulation and has been in a deadlock this year due to concerns over stablecoin yield and ethics.

The current draft of the bill bans officials and their families from issuing or promoting crypto, which was a major point of contention for some lawmakers. However, younger Democrats seem to understand the technology and are supporting the bill. Shirzad noted that 'a lot of the opposition is generational, so it is Democrats who oppose it, but I think younger members who understand the technology... will be on the winning end of that.'

The Clarity Act has been described as an 'extraordinarily bipartisan' piece of work, and Shirzad believes that with a clear understanding of the technology, the bill should pass. With 67 million Americans owning crypto, the industry is gaining mainstream acceptance.