Odaily Planet Daily report: On Wednesday, the U.S. Senate Republican Party released a 616-page revised draft of the "Clarity Act," a key legislative step by the U.S. Congress to comprehensively regulate the digital assets industry. The crypto industry has generally welcomed the draft, noting that it preserves protections for software developers and is expected to provide the long-awaited regulatory clarity for the U.S. digital assets market.
Ji Hun Kim, CEO of the Crypto Council for Innovation, said bipartisan support is “critical” for the bill’s passage. Miller Whitehouse-Levine, CEO of the Solana Policy Institute, urged Congress to seize the opportunity, while Coinbase CEO Brian Armstrong stated that the absence of a federal regulatory framework has allowed bad actors like FTX to harm consumers and forced a significant amount of crypto business overseas.
However, multiple Democratic senators quickly expressed opposition, arguing that the ethical provisions in the revised text regarding Trump’s cryptocurrency asset conflicts of interest are too weak. Senator Angela Alsobrooks stated that the current Republican-proposed text remains “insufficient,” and that provisions concerning ethics for elected officials, consumer protection, illicit finance, conflicts of interest, and market integrity all need to be strengthened.