“The Clarity Act” failed today, making everyone a loser—because partisan fighting has overpowered common sense:
The boundary between tokens and securities is no longer clear.
Entrepreneurs will still be more inclined to build and raise funds overseas.
Investors will get no more information or protection.
Developers have no additional assurances for decentralized systems.
Banks can only process stablecoins that can pay rewards (yield).
There are no moral constraints between government employees and crypto.
The list could go on.
But most of all, I’m just disappointed—for the countless people in the industry and for those in the House and Senate (both parties) who have worked on this for so long—that the brilliance of American leadership has dimmed only slightly.
The boundary between tokens and securities is no longer clear.
Entrepreneurs will still be more inclined to build and raise funds overseas.
Investors will get no more information or protection.
Developers have no additional assurances for decentralized systems.
Banks can only process stablecoins that can pay rewards (yield).
There are no moral constraints between government employees and crypto.
The list could go on.
But most of all, I’m just disappointed—for the countless people in the industry and for those in the House and Senate (both parties) who have worked on this for so long—that the brilliance of American leadership has dimmed only slightly.