Deconstructing the CLARITY Act: Senate Leaders Push Back on Critics

• Senator Cynthia Lummis and Senate committee leaders released a new CLARITY Act fact sheet.
• It addresses a lot of common criticisms, from securities rules to AML and CFTC’s role.
• Key questions remain, including SEC-CFTC coordination and DeFi compliance.

Last week, Senator Cynthia Lummis and Senate committee leaders released an updated “Myth vs. Fact: The CLARITY Act” document.

This is essentially a response to the pushback that’s come up as the Senate gets closer to debating the major crypto market bill. The document doesn’t introduce any new policies, but instead tries to explain what the bill really does and where lawmakers think critics have gotten it wrong.

It addresses more than a dozen common criticisms, covering everything from securities rules and investor protection to anti-money laundering (AML), DeFi, self-custody, software developers, the CFTC’…

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