DAM Clarity Act: Industry Frustration Grows as Crypto Bill Stalls

Ripple CTO Emeritus David Schwartz has wryly dubbed the stalled Digital Asset Market Clarity Act as the DAM Clarity Act, which sounds like 'the damn Clarity Act.'

The bill aims to shift oversight of the crypto market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), recognizing major cryptocurrencies as digital commodities.

Schwarz's tongue-in-cheek remark captures industry frustration with the prolonged disputes in Washington. The legislation has almost reached its final stage, but behind-the-scenes negotiations continue.

Ripple CEO Brad Garlinghouse urged lawmakers to pass the bill in its current form, citing the industry's inability to wait any longer. With days remaining before the August recess, time is running out for a compromise.