[CLARITY Bill fails to advance in the Senate; Brian Armstrong says the SEC and CFTC will move to set clear rules]
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Content:
Brian Armstrong said in a post on the X platform that the CLARITY bill failed to gain momentum in the Senate today, which is disappointing. Dialogue between the two parties may still continue, and the bill could be brought up again in the future, but it can’t keep waiting on Congress. The SEC and CFTC can, under existing authorities, set clear rules; he expects both to begin seriously pushing the related work. In any case, clarity in cryptocurrency regulation will come.
Brian Armstrong said that the GENIUS bill has become the current law in the stablecoin space, and that its provisions on rewards are more relaxed. He said the relevant teams made some concessions in the CLARITY bill that were difficult to accept, so the bill not advancing might be the best outcome. Cryptocurrency can’t be eliminated; as regulators gradually clarify the rules, relevant parties will continue to push updates to the financial system.
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Content:
Brian Armstrong said in a post on the X platform that the CLARITY bill failed to gain momentum in the Senate today, which is disappointing. Dialogue between the two parties may still continue, and the bill could be brought up again in the future, but it can’t keep waiting on Congress. The SEC and CFTC can, under existing authorities, set clear rules; he expects both to begin seriously pushing the related work. In any case, clarity in cryptocurrency regulation will come.
Brian Armstrong said that the GENIUS bill has become the current law in the stablecoin space, and that its provisions on rewards are more relaxed. He said the relevant teams made some concessions in the CLARITY bill that were difficult to accept, so the bill not advancing might be the best outcome. Cryptocurrency can’t be eliminated; as regulators gradually clarify the rules, relevant parties will continue to push updates to the financial system.