DAM Clarity Act: US Crypto Bill Stalls Amid Senate Disputes

The Digital Asset Market Clarity Act, a crucial bill for the US crypto market, has been stuck in limbo. Ripple CTO Emeritus David Schwartz has given it an ironic new nickname: the DAM Clarity Act.

The legislation aims to shift oversight of the crypto market from the SEC to the more crypto-friendly CFTC. This would resolve the long-standing dispute over the status of major cryptocurrencies, including XRP, by recognizing them as digital commodities.

However, behind-the-scenes disputes in the Senate are continuing, with some lawmakers demanding tougher anti-money-laundering provisions and stricter controls over stablecoins.

Ripple CEO Brad Garlinghouse has urged lawmakers to pass the legislation in its current form, saying that the industry cannot wait any longer. Schwartz's nickname for the bill has resonated with the industry, capturing their growing frustration with the prolonged disputes.