⏸️ The U.S. has paused the CLARITY crypto law.
The U.S. Senate Banking Committee has postponed the finalisation of the CLARITY Act on the structure of the crypto market. The reason is that the Coinbase exchange has publicly withdrawn support for the document, stating that in its current form it will do more harm than good to the industry.
According to industry players and some senators, the bill contains a number of controversial provisions: an actual ban on tokenised shares, strict restrictions on DeFi with risks to financial confidentiality, as well as the redistribution of powers in favour of the SEC by weakening the role of the CFTC.
The head of the committee Tim Scott recognised that there were too many disagreements to move on. Republicans in the Senate also stated that CLARITY in its current form "does not serve the interests of the crypto industry", and therefore the discussion and edits have been postponed indefinitely.
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