US Senate Fails to Advance Clarity Act, Prolonging Crypto Regulatory Uncertainty
Summary
- A failed cloture vote on the Clarity Act in the US Senate could prolong regulatory uncertainty for the cryptocurrency industry.
- The setback increased the likelihood that the US cryptocurrency industry will have to continue operating without a clear regulatory framework for an extended period.
- CoinDesk said there are concerns that capital, talent and technological innovation could move to overseas markets with a clearer regulatory environment.
Forecast Trend Report by Period
The US Senate failed to advance a procedural vote for floor consideration of the Clarity Act, raising the prospect of prolonged regulatory uncertainty for the cryptocurrency industry.
CoinDesk reported on September 17 that the Senate rejected a cloture vote on the Clarity Act on September 15, increasing the likelihood that the US crypto industry will have to continue operating without a clear regulatory framework for an extended period.
The report said the industry is concerned that capital, talent and technological innovation could shift to overseas markets with clearer regulatory regimes.
Rulemaking by the US Securities and Exchange Commission and the Commodity Futures Trading Commission may fill part of the gap, CoinDesk said. But it added that the boundaries of the two agencies' jurisdiction remain unclear. Legislation is still important to protect consumers and preserve the long-term competitiveness of the US industry, the report added.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.