Schwartz Renames Stalled US Crypto Bill 'DAM Clarity Act'
Ripple's CTO Emeritus David Schwartz has coined a new nickname for the stalled Digital Asset Market Clarity Act, hoping to speed up its passage through the US Senate. The bill aims to shift oversight of the crypto market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), which is seen as more crypto-friendly.
The legislation would classify major cryptocurrencies, including XRP, as digital commodities rather than securities, resolving a long-running dispute. It would also introduce security standards designed to protect investors from market manipulation.
However, behind-the-scenes disputes in the Senate are continuing, with some lawmakers demanding tougher anti-money-laundering provisions and stricter controls over stablecoins. With only days left before recess, pressure on lawmakers is mounting.