It doesn't matter if the Clarity Act passes
Senate Banking has pushed market structure legislation into the new year, but that's fine because the SEC and CFTC aren't waiting.
Humans love fighting their last war.
The crypto lobbyists in Washington have been urgently pushing to pass Clarity, the crypto legislation that came out of the House strong, or something like it. Fresh law, the argument goes, would tie the hands of any incoming administration that might be hostile to the industry, like Biden was.
But there won’t ever be another administration like Biden’s. At this point, legislation doesn’t matter that much.
Put simply: Let Paul Atkins cook.
The current SEC Chair, Crypto Uncle Atkins, has said from the start that existing law is sufficient to regulate the cryptocurrency markets.
But all the attention has gone to Senators, who can’t seem to even get a committee vote pulled together, while SEC staff have held about a half-dozen hearings and are likely plugging away on draft rules as I write this.
Meanwhile, the Senate Banking Committee comms team emailed reporters yesterday afternoon to say that they were hoping to get a ma…