Time is running out for the CLARITY Act, which aims to clarify regulations for the cryptocurrency market in the USA. Senator Cynthia Lummis emphasized that if legislation is not passed soon, the industry’s progress could be delayed for years.
Time pressure for legislation increases
In his statement, Lummis stated that this regulation may not be brought back to the agenda until 2030 at the earliest, and stated that the current process is critical. He pointed out that this opportunity should not be missed for the financial future of the USA.
It is considered that the legislative process may slow down due to the possibility that the midterm elections to be held in November will change the priorities of the Congress. This situation weakens the expectations for the regulation to be adopted this year.
David Sacks, who previously worked on artificial intelligence and crypto policies at the White House, shared a similar view. Sacks called for the process to be accelerated, stating that the Senate Banking Committee and then the Senate should approve the law.
Sacks expressed his belief that if the regulation is accepted, US President Donald Trump can sign the law and put it into effect.
Industry and regulators support
The CLARITY Act aims to clearly define which area of the crypto market will be supervised by which regulatory body. It is thought that if this framework is clarified, both investors and entrepreneurs will be able to act in a safer environment.
Many names operating in the crypto industry argue that regulation can accelerate innovation and increase individual investor demand. It is evaluated that the elimination of uncertainties will create a significant advantage, especially for US-based projects.
Chris Dixon, who serves as managing partner in the crypto arm of Andreessen Horowitz, stated that if the rules are clarified, both consumers and entrepreneurs will benefit.
“When the rules are clear, both users and entrepreneurs win.”
Robbie Ferguson, founder of Web3 game company Immutable, also stated that the law could create a big leap in the industry. Ferguson stated that this regulation could have an impact that could surpass the growth of the last decade in the gaming industry.
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, argued that the law should be passed now after the delay in the process, although he had previously withdrawn his support. Paul Grewal, the company’s legal officer, stated that the bill is close to being discussed in the Senate Banking Committee.
However, it is stated that disputes, especially regarding stablecoin returns, should be resolved. It seems difficult to make progress on this topic without reaching consensus.
Regulatory bodies also support the law. Paul Atkins, Chairman of the US Securities and Exchange Commission, stated that a comprehensive market structure law must now be passed by Congress and called for the process to be accelerated.
