House Cancels Legislative Schedule, Deal Blow to Clarity Act

Katherine Kirkpatrick Bos, Chainlink's Head of Legal, expressed her disappointment and concern about the House's decision to cancel its final two weeks of legislative schedule in September. This move is considered 'devastating' for the Clarity Act, which aims to provide legal clarity for cryptocurrencies.

Bos believes that regulatory guidance from agencies, such as the CFTC and SEC, cannot substitute for an actual law. She emphasized that legislation is a more durable way to future-proof regulations, as it's harder to amend or undo compared to rulemaking or guidance.

Kirkpatrick Bos worries about the durability of guidance, which can be reversed in two and a half years. To harden regulatory outcomes and support adoption, she proposes greater participation from established financial players (TradFi).