Crypto Doesn't Need Special Treatment, Experts Say
Congress has been trying to create special rules for digital assets and their markets for at least eight years, but so far it's mostly failed. The latest effort was the 635-page Clarity Act, which collapsed over an attempt to limit conflicts of interest among federal officials.
The crypto industry had lobbied heavily in favor of the bill, hoping to win a new legal framework for blockchain-based tokens and business models. But some experts say that's unnecessary, as digital-asset startups have already been granted banking charters, broker-dealer licenses, and even a limited-purpose Federal Reserve master account.
Industry leaders argue that blockchain-based startups can't comply with or compete fairly under existing regulations, but Michael Saylor, a co-founder of Strategy Inc. and Bitcoin evangelist, disagrees. He suggests that the industry spend the next two years showing the public that it can provide useful products at lower costs.