Clarity Act Stalls Amid Fierce Opposition

The Clarity Act, a bill aimed at regulating the cryptocurrency industry in the US, is facing opposition from various quarters. The bill, which has been pending for years, would establish clear legislative guidelines for the crypto sector for the first time in history.

According to Ryan VanGrack, vice chair of Coinbase, tens of millions of Americans are investing in products without clear regulatory oversight, making it an 'abomination.'

The bill would split oversight between the SEC and CFTC, with the latter taking on a majority role. Critics argue that this is an attempt by the crypto industry to avoid heavy regulatory scrutiny.