U.S. Senator Warns: This Year Is the Final Window to Pass the CLARITY Act

BlockBeats News, April 12th, U.S. Senator and prominent cryptocurrency advocate Cynthia Lummis issued an urgent call, stating that the U.S. Congress must pass the "CLARITY Act" establishing a clear regulatory framework for the cryptocurrency industry within this year; otherwise, the legislative process may be delayed until after 2030. Lummis wrote: "This is our last chance to pass this bill until at least 2030, and we cannot afford the cost of jeopardizing America's financial future." Currently, there are concerns in the industry that with the approaching midterm elections in November, the legislative focus of Congress may shift, rapidly narrowing the window for this highly anticipated bill to pass this year.

Former White House AI and cryptocurrency czar David Sacks expressed support, urging the Senate Banking Committee and the full Senate to swiftly advance market structure legislation, believing that the bill will ultimately be signed by Trump. The "CLARITY Act" will clarify the regulatory boundaries of different regulatory agencies regarding crypto assets, with the industry generally believing that this will unleash America's crypto innovation vitality and boost retail investment demand. a16z Crypto General Partner Chris Dixon stated that after the rules are clarified, "consumers and entrepreneurs will both win."

Coinbase CEO Brian Armstrong, after withdrawing support for the earlier version of the bill months ago, reversed course last Friday, stating that the timing for legislation is now right. Coinbase Chief Legal Officer Paul Grewal revealed that the bill may soon enter the revision and review stage at the Senate Banking Committee, but disagreements related to stablecoin yields remain a key obstacle. U.S. SEC Chairman Paul Atkins also urged Congress to promptly send a comprehensive market structure bill to Trump's desk.