Coinbase Chief Policy Officer Faryar Shirzad said the failed procedural vote on the CLARITY Act delivered a clear message from Congress: the legislative path is no longer viable for crypto policy, and people should stop expecting it to succeed. In his view, the answer now lies with existing regulatory authority rather than waiting for a new law to move forward on Capitol Hill. Shirzad said the two main U.S. market regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission, already have enough authority to put clear rules in place. He also tied the issue to electoral politics, noting that the U.S. midterm elections are about seven weeks away. According to his remarks, crypto voters should respond at the ballot box to lawmakers who voted against the measure. The comments were reported by ChainCatcher in a short policy and regulation news update.
According to ChainCatcher, Coinbase Chief Policy Officer Faryar Shirzad said the failed key procedural vote on the CLARITY Act amounted to a clear answer from the U.S. Congress: the legislative route is blocked, and people should stop expecting that path to deliver.
Shirzad also said the Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, can issue clear regulatory rules under their existing authority. With roughly seven weeks left until the midterm elections, he said crypto voters should answer lawmakers who voted against the measure at the ballot box.
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