Crypto Industry Divided Over Revised Clarity Act Ahead of Senate Vote

The Digital Asset Market Clarity Act, also known as the Clarity Act, has sparked controversy in the crypto industry. A revised draft of the bill was released ahead of a Senate cloture vote scheduled for September 15.

The changes aim to address concerns from various groups, but not everyone is pleased with the outcome. Jason Somensatto, head of policy at Coin Center, expressed disappointment over the removal of an explicit protection against criminal liability under 18 U.S.C. 1960.

Somensatto noted that this change could have significant implications for software developers and their potential exposure to regulatory overreach. He cited the cases of Tornado Cash and Samourai Wallet, which were charged under the same statute.

However, not all industry experts share Somensatto's concerns. Attorney Gabriel Shapiro sees the circuit breaker on stablecoin rewards as a 'smart compromise.' The Treasury Secretary also expressed support for the bill, calling it essential for winning the global technology race.