Crypto Industry Pressure Mounts on CLARITY Act as Deadline Looms
The passage of time is wearing thin for the CLARITY Act, a bipartisan bill aimed at providing regulatory clarity for digital assets. The Solana Policy Institute (SPI) and Block Inc. have recently written letters to Senate leaders, urging them to bring the bill to the floor before the August recess.
Signed by Miller Whitehouse-Levine, founder and CEO of SPI, and Kristin Smith, President of SPI, the letter states that 'The Clarity Act delivers what the American crypto ecosystem needs.'
The letters highlight the importance of updated regulations for blockchain networks, which operate through decentralized systems. In contrast, current financial regulations were created for traditional markets.
Brian Armstrong, CEO and co-founder of Coinbase, noted that the bill's passage is 'getting support from the broader crypto industry.'