Crypto Execs Urge Lawmakers to Pass Imperfect CLARITY Act

Crypto executives are urging lawmakers to pass the CLARITY Act when Congress returns in September. The bill faces its first Senate floor test on Sept. 15, with failure to secure 60 votes potentially ending its chances of becoming law this year.

The industry leaders say an imperfect but durable framework is better than reversible agency guidance. Maylea Ma, deputy general counsel at 1inch, believes that 'an imperfect framework is better than the current scenario of favorable-but-reversible agency guidance.'

The CLARITY Act would define when digital assets are securities or commodities and establish registration rules for exchanges. Although the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are already moving without Congress, their actions could be reversed by a future administration.