Failure of the Transparency Act today leaves everyone losing, and it’s all because partisan bickering has overwhelmed common sense:
The lines between tokens and securities have become even less clear.
Entrepreneurs will still prefer to build and raise capital abroad.
Investors will get no additional information or protection.
Developers will not gain new guarantees for decentralized systems.
Banks will get stuck with stablecoins capable of paying rewards (income).
There are no ethical boundaries for government officials and crypto.
The list goes on.
But mostly, I just feel sorry for countless people in the industry on both sides of the House of Representatives and the Senate (from both parties) who have worked on this for so long—and for how the light of American leadership is dimming just a little.
Forward
The lines between tokens and securities have become even less clear.
Entrepreneurs will still prefer to build and raise capital abroad.
Investors will get no additional information or protection.
Developers will not gain new guarantees for decentralized systems.
Banks will get stuck with stablecoins capable of paying rewards (income).
There are no ethical boundaries for government officials and crypto.
The list goes on.
But mostly, I just feel sorry for countless people in the industry on both sides of the House of Representatives and the Senate (from both parties) who have worked on this for so long—and for how the light of American leadership is dimming just a little.
Forward