Coinbase and Grayscale Say Crypto Rules Will Advance Regardless of CLARITY Act
Coinbase and Grayscale argue that U.S. crypto rules are advancing regardless of whether the CLARITY Act passes in the Senate.
The legislation, which aims to create clearer cryptocurrency regulations, has hit a roadblock with a 60-vote threshold for cloture on September 15.
Coinbase CEO Brian Armstrong and Grayscale research chief Zach Pandl point out that regulators have already taken steps to build parts of a federal crypto framework through the SEC and CFTC.
The SEC has issued an interpretation separating crypto assets into categories, including digital commodities, stablecoins, digital securities, and collectibles. The agency also proposed Regulation Crypto Assets in August, which included tailored exemptions for some crypto-related investment contracts.
Meanwhile, the CFTC issued a perpetual-contract framework in May and permitted a Bitcoin perpetual product on a registered exchange.