Coinbase Chief Policy Officer Faryar Shirzad said the failed cloture vote on the Clarity Act this week reflected both timing and opposition from established financial interests. In remarks highlighted by Bitcoin Magazine, Shirzad said the bill reached the process too late in the electoral cycle, making it harder to advance in Congress. He also pointed to what he described as a roughly $200 million campaign by major banks that created meaningful drag on the effort.
Shirzad said he believes Congress has already had its chance on the issue and argued that the next phase of U.S. crypto policy will play out more through regulators than through Capitol Hill. He specifically pointed to the Securities and Exchange Commission, the Commodity Futures Trading Commission, and bank regulators under Paul Atkins as the places where the most important activity is now likely to occur.
He also outlined what he called a three-track policy strategy covering legislation, regulation, and international work, adding that all three still carry strong momentum. Bitcoin Magazine noted that the comments reflected the views of participants and not necessarily those of BTC Inc., Bitcoin Magazine, or affiliated entities. The piece was written by Patrick Green.
Coinbase Chief Policy Officer Faryar Shirzad said the failed cloture vote on the Clarity Act this week came down to political timing and heavy resistance from large banks, offering what Bitcoin Magazine described as his clearest explanation yet of why the bill stalled.
According to the Bitcoin Magazine segment, Shirzad said the measure arrived late in the electoral cycle, a timing problem that hurt its chances in Congress. He also pointed to a roughly $200 million campaign by big banks that, in his view, created serious drag on the process.
Congressional path may be closing
Shirzad said he believes Congress has already had its shot on the matter. He argued that the main policy action now is shifting away from Capitol Hill and toward regulators, specifically the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, and bank regulators under Paul Atkins.
Three policy tracks remain in play
Shirzad also laid out what he called a three-track strategy for crypto policy: legislation, regulation, and an international track. He said those three channels still have strong momentum.
Bitcoin Magazine included a disclaimer stating that the views expressed in the show were those of the participants and did not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or affiliated entities. It also said the content was provided for informational and educational purposes only and should not be treated as investment, legal, tax, or accounting advice, or as a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments.
The post first appeared on Bitcoin Magazine and was written by Patrick Green.
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