Crypto Industry Splits Over Revised Clarity Act Ahead of Senate Vote
The cryptocurrency industry is at odds over the revised Digital Asset Market Clarity Act, ahead of a Senate vote scheduled for September 15.
The bill's authors made last-minute changes to secure the 60 votes needed to advance it. However, these changes have not satisfied everyone, particularly when it comes to the treatment of software developers and stablecoin rewards.
According to Jason Somensatto, head of policy at Coin Center, the new Section 10604(c) still spares non-controlling blockchain developers or providers from being classified as money transmitting businesses. However, this protection is not as comprehensive as the original draft, which explicitly shielded them from criminal liability under 18 U.S.C. 1960.
Somensatto expressed disappointment at the removal of this provision, pointing out that it could have implications for developers like those charged in the Tornado Cash and Samourai Wallet cases.