Congress Misses Bitcoin Reserve Bill Opportunity, Regulatory Shift Ahead
Coinbase's Chief Policy Officer Faryar Shirzad has reflected on the recent failure of The Clarity Act, which aimed to establish a strategic Bitcoin reserve bill. The cloture vote failed this week, with Shirzad attributing the setback to an electoral calendar that caught the bill late in the cycle and a $200 million campaign by big banks that created significant drag on the process.
Shirzad believes Congress has had its shot at passing the legislation and now it's time for other regulatory bodies to take action. He mentions that the SEC, CFTC, and bank regulators under Paul Atkins will be crucial in moving forward with Bitcoin-related policies.
The policy chief also outlines Coinbase's three-track policy strategy: legislation, regulation, and international coordination. Despite the recent setback, Shirzad maintains that this strategy still has strong momentum.