Senate Banking Committee Postpones CLARITY Act Markup After Crypto Industry Backlash

The Senate Banking Committee postponed its planned markup of the Digital Asset Market CLARITY Act following significant opposition from the crypto industry. Tensions escalated over late-stage amendments to the 278-page bill, which critics argued favored traditional finance, particularly concerning stablecoin rewards and tokenization. Further complicating matters were Democratic demands for stronger ethics provisions targeting personal crypto profits for senior government officials. The immediate catalyst for the delay was Coinbase CEO Brian Armstrong announcing the exchange was withdrawing its support, stating the current version was "materially worse than the current status quo." While some major firms reaffirmed support, the postponement was announced by Chairman Tim Scott (R-SC) without setting a new date. The CLARITY Act aims to establish a federal framework dividing oversight between the SEC and CFTC, but critics worry it weakens investor protections.

(Source：Bitcoin Magazine)