The U.S. Senate did not pass the crypto regulatory bill known as the Clarity Act, according to a post by Jake Chervinsky on X. Chervinsky said supporters of the measure spent the past 18 months researching, negotiating, and revising the proposal without compromising on principle. His position was blunt: no bill is better than a bad bill.
He added that political bargaining in an election year has made good deals hard to reach. Even so, Chervinsky said the crypto industry can still function without the Clarity Act. He also argued that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission already have the authority and expertise needed to regulate the crypto market.
In his view, the debate over crypto regulation is only beginning, and there is still room for future policy development.
Jake Chervinsky wrote on X that the U.S. Senate did not pass the crypto regulation bill known as the Clarity Act.
He said backers of the bill spent the last 18 months researching, negotiating, and revising it, without giving ground on principle. Their view was blunt: "No bill is better than a bad bill."
Chervinsky also said election-year political bargaining has made solid deals hard to reach. But even without the Clarity Act, he said the crypto industry can still function, and the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) already have the authority and expertise needed to regulate the crypto market.
And he said the debate over crypto regulation is just getting started, with room still left in the policy outlook ahead.
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