There seems to be a division among crypto industry executives regarding the market structure bill, with crypto giants like Coinbase pulling out support but others saying that any regulation is better than none.
“Crypto builders need clear rules of the road,” said Chris Dixon, managing partner at a16z Crypto on Thursday.
Trump Administration, Republicans, Democrats and members of the crypto industry “have closely worked with members across the country to protect decentralization, support developers and give entrepreneurs an opportunity… at its core,” he added. ” , ‘I’m sure it is worth reading.
It’s the comments about the controversial market structure bill, or CLARITY Act (which was due for a Senate markup this week but has been postponed by the Senate Banking Committee today).
This is not the case of perfect , and changes are required before it becomes law. Dixon said ‘If we want the US to remain best place in the world to build the future of crypto, now is the time to move the CLARITY Act forward.
But Peter Van Valkenburgh, Coin Center executive director, was also positive, saying on Thursday ‘We’re optimistic about where the current market structure draft stands. Paraphrast.
After the high profile withdrawal of support from America’s largest exchange, Coinbase, which said the bill was ‘not good enough in its current state’, the legislation has become a hot topic.
“Too many issues” with the legislation
On Wednesday, Coinbase CEO Brian Armstrong said he had read the Senate Banking draft text but “unfortunately can’t support the bill as written.” ” , ‘I’m sure it is worth reading.
There are too many issues a defacto ban on tokenized equities, DeFi prohibitions, giving the government unlimited access to your financial records and eliminating your right to privacy; erosion of the CFTC’s power, stifling innovation (and making it subordinate to the SEC), [and] draft amendments that would kill rewards on stablecoins. Paraphrasingr ’It is.
Armstrong praised all the hard work of members of the Senate to achieve a bipartisan outcome, “but this would be materially worse than the status quo today. ” , ‘I’m sure it is worth reading.
“We’d rather have no bill than a bad bill,” he said.
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Ryan Rasmussen, Head of research at Bitwise Invest said ‘The current draft of the CLARITY Act is bad for tokenization, stablecoins, DeFi, privacy, builders, users and investors and innovation.
In a statement, Crypto lawyer Jake Chervinsky said ‘We have an opportunity at markup and hopefully afterward on the Senate floor to make CLARITY the best it can be. Until it becomes law, the text will change for better or worse before being legal. So let’s go for a better place, . Paraphrasingr ’It is.
Venture capitalist Tim Draper was also in support of the Coinbase chief executive, stating:
‘Brian Armstrong’ understands this here. It’s a much worse compromise than no bill at all in the Senate, which is currently under pressure from the current Senate. It has been ddling sounds such as the banks. , ” and.
Bitcoin shrugs off the controversy
Speaking to Cointelegraph, OKX Singapore CEO Gracie Lin said Bitcoin’s new rally “reminds us that markets often start pricing outcomes before policymakers end their debates. ” , ‘I’m sure it is worth reading.
We’re seeing Bitcoin responding to renewed ETF demand, liquidity and growing optimism that the Digital Asset Market Clarity Act could bring a more stable framework to U.S? S, meanwhile. Her comments were made to include digital asset markets, which she added.
From here, it is about three things how CLARITY evolves through the Senate’s Banking Committee, how resilient spot ETF flows are compared to whether the lateJanuary Fed meeting maintains financial conditions in good order – or triggers a sharp reset. Paraphrast.
Bitcoin (BTC) topped $97,600 in late trading on Wednesday but had cooled slightly to $96,350 at the time of writing.
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