US Senate Has Two Weeks Left to Pass CLARITY Act
New rules for the crypto market are being established.
1Final Stage of the CLARITY Act
The US Senate must approve the CLARITY Act within two weeks. This law aims to bring comprehensive rules to the crypto market. If the law is not approved, the process could be delayed due to the August recess and political struggles.
2Bipartisan Support
The CLARITY Act is supported by both Republicans and Democrats. The law aims to create a single regulatory framework for the crypto market. However, disagreements continue over ethical regulations.
3Ethical Regulations
The most controversial issue of the law is the ethical regulations that limit government officials from issuing or promoting digital assets. Republicans include these rules, while Democrats demand further regulation.
4DeFi and KYC/AML
The CLARITY Act protects non-custodial software developers, which is important for the DeFi sector. It also envisions additional mechanisms for KYC/AML procedures and combating illegal financial transactions.
5Market Expectations
According to Grayscale, the CLARITY Act will create a solid legal foundation for software developers, token issuers, and investors. This could accelerate the adoption of public blockchains.
6Next Steps
Even if the law is not approved, the development of public blockchains will continue in areas like stablecoins and asset tokenization. However, market participants may face long-term legal uncertainties.
Original article: INCRYPTED — ABD Senatosu'nun CLARITY Yasası'na İki Haftası Kaldı