<\/p>\n
Failing to pass the crypto market structure bill, known as the CLARITY Act, could leave the door open for a future less industry-friendly US government to crack down on crypto again, Peter Van Valkenburgh the executive director of advocacy group Coin Center says.<\/p>\n
In an X post on Friday, Van Valkenburgh argued<\/a> that rejecting developer protections in legislation like the CLARITY Act<\/a> and the Blockchain Regulatory Certainty Act in favor of \u201cshort-term business interests\u201d and the \u201ccontinued goodwill of those in charge\u201d could lead to a \u201cgrim\u201d future for the industry.<\/p>\n \u201cThe point of passing CLARITY is not to trust this administration. It is to bind the next one,\u201d he said, adding that \u201cA world without CLARITY\u2019s statutory protections for developers is a world governed by prosecutorial discretion, political fashion, and fear.\u201d<\/p>\n The CLARITY Act stalled in the Senate after banks<\/a>, crypto firms, and lawmakers failed to agree on key provisions \u2014 including whether to allow stablecoin yields<\/a>. The bill covers a range of measures, including frameworks for registering crypto intermediaries, regulating digital assets and classifying tokens<\/p>\n During the previous US administration, former SEC Chair Gary Gensler drew heavy criticism from the crypto industry for allegedly crafting policy through enforcement actions and legal settlements with crypto firms rather than formal rulemaking.<\/p>\n Van Valkenburgh also predicts that, without legislative clarification, a future administration\u2019s Department of Justice could ramp up prosecutions of privacy-tool developers<\/a> as unlicensed money transmitters, and that existing regulatory interpretive guidance could be revoked.<\/p>\n Related: <\/strong><\/em>Crypto investor sentiment will rise once CLARITY Act is passed: Bessent<\/strong><\/em><\/a><\/p>\n Since Gensler resigned on Jan. 20, 2025, crypto proponents have seen a regulatory shift by the SEC, including the dismissal of several long-running enforcement<\/a> actions against crypto firms and friendlier guidance on how the agency will treat crypto.<\/p>\n \u201cIf we lose this moment because we thought we\u2019d have a bit more revenue and a bit more latitude under the short-term friendly discretion of the current administration, then we lose our way,\u201d Van Valkenburgh said.<\/p>\n \u201cWe fail to stand up for the kind of transparency, neutrality, and openness that crypto stands for. And worse, we will have helped tie the noose ourselves, handing it to the future officials who will be only too happy to pull it tight.\u201d<\/p><\/blockquote>\n Magazine: <\/strong><\/em>Nobody knows if quantum secure cryptography will even work<\/strong><\/em><\/a><\/p>\n <\/div>\n Failing to pass the crypto market structure bill, known as the CLARITY Act, could leave the door open for a future less industry-friendly US government to crack down on crypto again, Peter Van Valkenburgh the executive director of advocacy group Coin Center says. In an X post on Friday, Van Valkenburgh argued that rejecting developer […]<\/p>\n","protected":false},"author":2,"featured_media":423144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-423140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=423140"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423140\/revisions"}],"predecessor-version":[{"id":423145,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423140\/revisions\/423145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/423144"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=423140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=423140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=423140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Nothing set in stone without legislation<\/h2>\n