Mid-Year Review of U.S. Crypto Policy: CLARITY Gains Momentum for a Comeback, Who Will Lead the Second Half?
Mid-Point Review of U.S. Crypto Policy: CLARITY Act Gains Momentum, Who Will Lead the Second Half?
The U.S. crypto industry is hopeful for a breakthrough as the Senate advances the CLARITY Act, but securing the necessary 60 votes requires bipartisan compromise. With only about 40 legislative days left, the path is tight.
The policy agenda is crowded. Alongside CLARITY, multiple crypto tax proposals spun off from the new PARITY Act seek attachment to larger bills. The Blockchain Regulatory Certainty Act aims to codify developer protections, and key rules under GENUIS remain under negotiation.
The CFTC operates with four vacant commissioner seats, creating uncertainty. A major unresolved battle is over which regulator—state authorities, the CFTC, or the SEC—will gain jurisdiction over prediction markets.
The sector also faces the impending departure of two key advocates: SEC Commissioner Hester M. Peirce and Senator Cynthia Lummis.
Industry leaders provided cautious perspectives. Sara K. Weed doubts CLARITY will pass this Congress, expecting agencies like the SEC to provide guidance instead. Sulolit "Raj" Mukherjee believes targeted crypto tax provisions have a real chance if attached to must-pass year-end legislation. Rashan Colbert highlights the CFTC's recent efforts to build a regulatory framework for the growing prediction markets sector, warning against an overly broad "gambling" classification that could stifle innovation.
The second half of the policy year has begun. The window for action is narrow, but opportunities remain. Sustained bipartisan engagement is crucial for achieving substantive results.
Foresight News06/23 09:44
