CLARITY Act isn’t perfect, but it’s the bill US Congress must pass this summer

Key Points

1. The CLARITY Act addresses long-standing issues in the crypto market structure, providing a regulatory framework that improves upon the status quo.

2. Critics argue the act favors the crypto industry, but lawmakers emphasize it introduces tailored rules for disintermediated networks, not industry wish-list items.

3. The act encourages competition by replacing opaque intermediaries, positioning the US as a leader in digital asset regulation.

4. The SEC and CFTC currently operate with limited clarity; the CLARITY Act would provide them with a clearer statutory framework to regulate effectively.

5. Passage of the CLARITY Act would mark a significant milestone for the blockchain industry, consumers, and US innovation, despite its imperfections.