Today, House Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence held a “field hearing” (in New York City) on CLARITY Act – Legislation that was approved in the House last year but remains in legislative limbo in the Senate. While the legislation is vital to U.S. interests and many jurisdictions continue to move forward with updated rules to support digital asset innovation, the Hearing was somewhat one-sided as no Democrats made the trip to attend.
Representatives Nova Labs, Bull Market, Tree of Wisdomand Coin Center attended the hearing, underscoring the need for regulatory updates.
Subcommittee Chairman Bryan Dik declared:
“Today, we gather here on Wall Street on the threshold of the next generation of innovation. As the Senate prepares to consider the CLARITY Act, we can complete nearly a decade of work… “Our goal is clear: replace regulation with enforcement with clear rules for digital assets.”
Although the legislation has bipartisan support, it is the Democratic side that is holding the bill back. There was yesterday A meeting at the White House Determining a strategy on how to advance legislation before the August recess.
While Democrats play politics by bill (as both parties do), the potential losers in all of this are the U.S. economy, the financial services industry, consumers, and businesses. For industry participants, the delayed bill cannot be approved soon enough.
