Crypto's Sisyphean struggle
The U.S. Senate failed to advance the Digital Asset Market Clarity Act, effectively stalling comprehensive crypto regulation until the next Congress. With key legislative champions retiring, the path forward for establishing clear market structure and oversight remains uncertain.
Why it matters
The lack of a clear regulatory framework continues to hinder institutional investment and public trust in the cryptocurrency market.
The Senate recently failed to advance the Digital Asset Market Clarity Act, also known as the Clarity Act, and with the midterms around the corner, there is no realistic path to reviving it before the end of the year.
The Clarity Act, as its name suggests, sought to establish a framework for market structure: the rulebook that sorts crypto tokens into legal categories, licenses the firms trading them, and determines how supervisory authority should be divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Ryan Chan-Wei is a research fellow at the Cato Institute's Center for Monetary and Financial Alternatives.
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