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World & Business

Senate blocks Clarity Act, a bill to set business-friendly crypto rules

The New York Times reports that the legislation stalled as Democrats raised concerns about President Trump’s personal investments in crypto.

The New York TimesTN
VetVE
2 Sources, 24d ago, first seen 24d ago

TLDR

The Senate voted to block the Clarity Act, which would create business-friendly cryptocurrency rules, The New York Times reports. Democrats raised concerns about President Trump’s personal crypto investments, according to the paper.

A user discussing the setback urges crypto companies to expand under the current administration, arguing that guidance from the SEC and CFTC could be undone by a future administration or new agency leaders.

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208.4K

2 Sources, first seen 24d ago

1.1K likes78 comments40 saves212 reposts

Combined views

208.4K

2 Sources, first seen 24d ago

1.1K likes78 comments40 saves212 reposts

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2 Sources

The New York Times@nytimesBreaking News: The Senate voted to block a bill that would create business-friendly rules for cryptocurrencies, in a blow to the industry. https://nyti.ms/3VcC4i824d
Vet@Vet_X0Make hay while the sun shines. Crypto companies in the US have to continue to aggressively build out their business's and get as far ahead as possible with the current chairs and administration. Why? Now that the Clarity Act failed to advance, the CFTC and SEC are picking up the job to bring Clarity to the crypto industry in the US. The CFTC even named XRP a digital commodity! There is just one big caveat to this and we need to keep this in mind: While they can issue guidance, clarity on which tokens are securities versus commodities, innovation exemptions etc. Everything from here on is temporary! A future administration or new chair can unwind everything with very little friction so the name of the game in the US continues to be Make hay while the sun shines.24d
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    2 Sources

    The New York Times@nytimesBreaking News: The Senate voted to block a bill that would create business-friendly rules for cryptocurrencies, in a blow to the industry. https://nyti.ms/3VcC4i824d
    Vet@Vet_X0Make hay while the sun shines. Crypto companies in the US have to continue to aggressively build out their business's and get as far ahead as possible with the current chairs and administration. Why? Now that the Clarity Act failed to advance, the CFTC and SEC are picking up the job to bring Clarity to the crypto industry in the US. The CFTC even named XRP a digital commodity! There is just one big caveat to this and we need to keep this in mind: While they can issue guidance, clarity on which tokens are securities versus commodities, innovation exemptions etc. Everything from here on is temporary! A future administration or new chair can unwind everything with very little friction so the name of the game in the US continues to be Make hay while the sun shines.24d
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