The CLARITY Act stalled in the Senate after banks, crypto firms, and lawmakers failed to reach an agreement on key provisions like allowing stablecoin yields.
Failing to pass the crypto market structure bill, known as the CLARITY Act, could leave the door open for a future less industry-friendly US government to crack down on crypto again, Peter Van Valkenburgh the executive director of advocacy group Coin Center says.
In an X post on Friday, Van Valkenburgh argued that rejecting developer protections in legislation like the CLARITY Act and the Blockchain Regulatory Certainty Act in favor of “short-term business interests” and the “continued goodwill of those in charge” could lead to a “grim” future for the industry.
“The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he said, adding that “A world without CLARITY’s statutory protections for developers is a world governed by prosecutorial discretion, political fashion, and fear.”
