DeFi Leaders Voice Concerns amid Market Structure Bill‘s Uncertain Future

The indefinite postponement of the markup for the Digital Asset Market Clarity Act (CLARITY) in the US Senate Banking Committee has given decentralized finance (DeFi) leaders an opportunity to voice significant concerns to lawmakers. Industry groups, including the DeFi Education Fund and crypto venture capital firms like Paradigm, argue that proposed amendments could severely harm DeFi technology and impose unsuitable compliance burdens, such as KYC requirements, on developers and infrastructure providers. Jake Chervinsky of Variant highlighted that the current draft fails to adequately protect developers. Coinbase CEO Brian Armstrong also stated the exchange could not support the bill as written, contributing to the delay announced by Committee Chair Tim Scott. While some focus is on narrowing definitions, advocates like Cody Carbone of The Digital Chamber remain hopeful that DeFi issues can be resolved before the next markup, emphasizing that developers prioritize a robust market structure over debates concerning stablecoin yields.

(Source：Cointelegraph)