Crypto stakeholders have voiced out against a provision in the CLARITY Act ahead of the markup phase, which is holding today. These industry players noted that the provision has ties to the Gensler-led administration and brings about uncertainty, which is against the aim of the bill.
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Crypto Stakeholders Criticize Provision In CLARITY Act
In an X post, Journalist Eleanor Terrett revealed that some industry players she has spoken to are raising concerns over a new section in the amended version of the bill. These industry players have gone as far as describing this section as a “Gensler-era” provision.
This comes ahead of a markup phase for the CLARITY Act today. CoinGape had earlier reported that the US House Financial Services Committee had scheduled June 10 for the review process. Members of the Committee and the House Committee on Agriculture will convene at the Rayburn House Office Building to review the provisions of the CLARITY Act.
As regards their concerns, these crypto stakeholders noted that the new section would eliminate exceptions for previously issued tokens. Instead, it would not give the SEC authority to determine individually which tokens classify as a security. These critics argue that this approach reintroduces the uncertainty that the bill is meant to resolve.
Moreover, the section in the CLARITY Act could raise a similar issue with the Himman report, in which the former SEC Director declared that ETH wasn’t a security. At the same time, the Commission sued Ripple, claiming that XRP was a security.
Amid the criticism of this section in the bill, SEC Chair Paul Atkins recently declared his support for crypto self-custody and DeFi activities. Atkins also revealed that the Commission is working on a conditional exemptive relief framework for DeFi platforms.
Meanwhile, eight crypto firms, including Uniswap, have shown support for the addition of the Blockchain Regulatory Certainty Act (BRCA) in the CLARITY Act. The BRCA protects creators of non-custodial blockchain technology.
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Crypto Stakeholders Raise Concerns Over ‘Gensler-Era’ Provision in CLARITY Act
Crypto stakeholders have voiced out against a provision in the CLARITY Act ahead of the markup phase, which is holding today. These industry players noted that the provision has ties to the Gensler-led administration and brings about uncertainty, which is against the aim of the bill.
Advertisement
Advertisement
Crypto Stakeholders Criticize Provision In CLARITY Act
In an X post, Journalist Eleanor Terrett revealed that some industry players she has spoken to are raising concerns over a new section in the amended version of the bill. These industry players have gone as far as describing this section as a “Gensler-era” provision.
This comes ahead of a markup phase for the CLARITY Act today. CoinGape had earlier reported that the US House Financial Services Committee had scheduled June 10 for the review process. Members of the Committee and the House Committee on Agriculture will convene at the Rayburn House Office Building to review the provisions of the CLARITY Act.
As regards their concerns, these crypto stakeholders noted that the new section would eliminate exceptions for previously issued tokens. Instead, it would not give the SEC authority to determine individually which tokens classify as a security. These critics argue that this approach reintroduces the uncertainty that the bill is meant to resolve.
Moreover, the section in the CLARITY Act could raise a similar issue with the Himman report, in which the former SEC Director declared that ETH wasn’t a security. At the same time, the Commission sued Ripple, claiming that XRP was a security.
Amid the criticism of this section in the bill, SEC Chair Paul Atkins recently declared his support for crypto self-custody and DeFi activities. Atkins also revealed that the Commission is working on a conditional exemptive relief framework for DeFi platforms.
Meanwhile, eight crypto firms, including Uniswap, have shown support for the addition of the Blockchain Regulatory Certainty Act (BRCA) in the CLARITY Act. The BRCA protects creators of non-custodial blockchain technology.
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