Democrats' Clarity Act Efforts Meet Skepticism from Crypto Industry
The crypto industry is skeptical about Democrats' plans to restart talks on the stalled CLARITY Act, which was blocked in Congress. The bill's failure has led to a renewed commitment from moderate Democrats Kirsten Gillibrand and Ruben Gallego to work towards passage.
Nate Geraci, a pro-crypto analyst, believes that these efforts are 'all talk' with no action, citing the Biden administration's anti-crypto stance. Geraci notes that there was no bipartisan effort during this time period and that Democrats may not change their views soon.
The SEC and CFTC have pledged to fast-track rulemaking to ensure clear rules for the sector, despite the bill's failure. SEC chair Paul Atkins has stated that they will act decisively within the SEC's statutory authority to deliver certainty for American investors.