DAM Clarity Act: Industry Frustration Mounts Over Stalled Crypto Bill

Ripple CTO Emeritus David Schwartz has coined a new nickname for the stalled Digital Asset Market Clarity Act, which he calls the DAM Clarity Act. The term sounds like 'the damn Clarity Act,' capturing the industry's growing frustration with the prolonged disputes in Washington.

The bill aims to shift oversight of the crypto market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), a move that would formally recognize major cryptocurrencies as digital commodities. This change would resolve the long-running dispute over the status of XRP and introduce clear security standards to protect investors.

Despite pressure from the industry, lawmakers are still at an impasse, with some demanding tougher anti-money-laundering provisions and stricter controls over stablecoins. With only days left before the recess, Schwartz's sardonic title risks becoming the most accurate description of the bill's fate.