Svmuu News: On Wednesday, Senate Republicans released a 616-page draft of the revised “Clarity Act,” a cryptocurrency regulatory bill, marking a key legislative development in Congress’s efforts to comprehensively regulate the digital asset industry.The crypto industry has generally welcomed the draft, noting that it retains protections for software developers and is expected to provide long-overdue regulatory clarity for the U.S. digital asset market.
Ji Hun Kim, CEO of the Crypto Council for Innovation, stated that bipartisan support is “crucial” for the bill’s passage.Miller Whitehouse-Levine, CEO of the Solana Policy Institute, called on Congress to seize the opportunity, while Brian Armstrong, CEO of Coinbase, noted that the lack of a federal regulatory framework had allowed bad actors like FTX to harm consumers and forced a significant portion of the crypto business overseas.
However, several Senate Democrats quickly voiced opposition, arguing that the ethical provisions regarding conflicts of interest involving crypto assets—Donald Trump—in the revised text were too weak. Senator Angela Alsobrooks stated that the text currently proposed by Republicans still “does not go far enough,” and that provisions related to the ethics of elected officials, consumer protection, illicit finance, conflicts of interest, and market integrity all need to be strengthened.