Congress Seeks to Cement Digital Asset Leadership
The US has a history of inventing transformative technologies, only to see them drift overseas and then spend billions trying to bring them back. This is happening again with digital assets, but Congress now has a rare opportunity to change the ending.
Senator Cynthia Lummis's bill text, the Clarity Act (CLARITY), aims to regulate the industry for the first time. By passing this bill, Congress can safeguard the tens of millions of Americans already participating in the market while cementing its position as a global leader in financial advancement.
The current lack of federal legislation leaves investors without clear rules and responsibilities across disparate regulators and rulebooks. Industry stakeholders, regulators, and investor protection advocates have long agreed on the need to address this gap urgently.
Recent failures like FTX and Voyager underscore existing regulatory gaps. However, if you map CLARITY's framework directly over the wreckage of FTX, clear rules become undeniable in preventing such failures.