DeFi & NFT
By Julie Binoche
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Ethics Take Center Stage. The insider trading issue isn't small. Gillibrand's focus on this problem shows how tricky the…
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What the Bill Actually Does. The CLARITY Act would establish which crypto assets fall under securities laws and which don't.
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Political Dynamics at Play. The Senate's approach to crypto has shifted. A few years ago, skepticism dominated.
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Senator Kirsten Gillibrand wants action. The New York Democrat said the Senate plans to vote on the CLARITY Act by August, but there's a catch.
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The timing matters. Gillibrand made clear that moving forward on the bill without addressing potential conflicts of interest isn't an option.
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Congress has faced heat over stock trading before. Members have been accused of making suspiciously timed trades around major policy announcements.
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The CLARITY Act has been a priority for crypto advocates who think clear rules would help the industry grow without constant fear of enforcement actions.
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The CLARITY Act would establish which crypto assets fall under securities laws and which don't. That's been a major point of confusion. The SEC has said most tokens are securities.
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Gillibrand and Senator Cynthia Lummis introduced the bill to fix that mess. It would give the CFTC primary authority over spot crypto markets, while the SEC would keep oversight…
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Industry groups have backed the bill. They see it as a path to legitimacy and clearer operating rules.
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The August timeline isn't set in stone. Gillibrand didn't give a firm date, and she made clear that resolving the insider trading concerns comes first.
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Some senators might push for strict trading bans on crypto while the bill is under consideration. Others could argue existing ethics rules are enough.
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See also: Senate Stalls on Crypto Rules as Industry Pushes for Federal Clarity
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Regulatory agencies are watching too. The SEC under current leadership has taken an aggressive stance on crypto enforcement, arguing most tokens are unregistered securities.
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The crypto community is pretty much holding its breath. Industry participants have wanted regulatory clarity for years, but they've also seen bills stall or die in committee…
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