In a surprise move, US lawmakers put off a key vote on a big cryptocurrency bill right before it was set to happen. This
The delay shows how tricky it is to make laws for the fast-growing crypto world. Lawmakers from both sides want to find common ground, but pushback from the industry stopped things cold.
The Clarity Act is meant to create a solid framework for crypto. Right now, rules are messy. Agencies like the SEC and CFTC fight over who controls what. The bill would decide which digital assets are securities (stocks-like) and which are commodities (like gold).
Supporters say clear rules would help crypto grow safely. It could bring in more investors, cut scams, and make the US a top spot for blockchain tech. Without it, companies face legal fights and uncertainty.
The big reason for the delay? Coinbase boss Brian Armstrong said no to the bill as it stands. In a public post on X (formerly Twitter), he wrote, “Coinbase unfortunately can’t support the bill as written.”
Armstrong pointed to problems like:
As a top crypto exchange, Coinbase’s voice carries weight. Their pullback sparked more industry doubts, forcing lawmakers to hit pause.
Senate Banking Chairman Tim Scott from South Carolina made the call late Wednesday. He said the markup session – where they tweak and vote on the bill – is off due to industry feedback and talks among members.
Scott wants bipartisan support. Both Republicans and Democrats see the need for crypto rules, but details are sticking points. No new vote date yet, but talks continue.
This pivot highlights deep divides in Washington on crypto.
Pro-regulation side: Worried about fraud, money laundering, and market crashes like FTX.
Industry side: Fears overreach that kills innovation and drives firms overseas.
The Clarity Act could settle the SEC vs. CFTC battle. SEC sees most tokens as securities needing heavy rules. CFTC is lighter touch for commodities. Clear lines would end lawsuits against exchanges like Coinbase and Binance.
Crypto regulation isn’t just about money – it’s about the planet too. Bitcoin’s proof-of-work mining uses tons of power, drawing fire from green groups.
Critics say it pollutes like whole countries. But fans point to changes:
Lawmakers might tie rules to green standards. The delay gives time to weave in eco-friendly ideas.
The bill isn’t dead – just delayed. Expect:
If passed, it could boost US crypto to $1 trillion markets. Delays mean short-term uncertainty, but long-term wins.
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Watch for updates. A strong Clarity Act could make the US crypto capital. Stay tuned as talks heat up.
What do you think? Will the bill pass soon, or face more roadblocks? Drop your thoughts below.
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The post Crypto Chaos: US Lawmakers Delay Major Bill in Last-Minute Pivot After Coinbase Says ‘Can’t Support’ appeared first on Blockmanity.
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