Why Coinbase derailed the crypto industry’s political future
- Coinbase’s actions may have derailed the crypto industry’s political future by delaying or blocking the CLARITY Act, a landmark law that would regulate the US crypto market.
- The CLARITY Act was set to address key issues such as defining digital assets as securities or commodities, regulatory responsibilities, and consumer protections.
- January was expected to be a crucial month for the bill’s passage, with the Senate and House having already passed their versions months earlier.
- The White House had expressed support for the bill, and Democrats and Republicans seemed to have reached an agreement on its fundamentals.
- Coinbase’s CEO Brian Armstrong’s public appearances and statements may have inadvertently raised concerns among lawmakers, potentially leading to delays or blockages in the bill’s passage.
January was going to be a landmark month for the crypto industry. The Senate would start negotiating the finer details of the CLARITY Act, a major law that would finally enshrine the fundamental structure of how the crypto market could legally operate in the United States: what digital assets counted as a security versus a commodity, what regulatory responsibilities companies had to abide by, what legal protections consumers could have. The House had already passed their version months ago. The White House was ready to sign it. Democrats and Republicans seemed to agree on the bill’s fundamentals.
And crypto, which had spent decades navigat …
Read the full story at The Verge.
Q. What was expected to happen in January regarding the crypto industry’s political future?
A. The Senate was set to negotiate the finer details of the CLARITY Act, a major law that would regulate the crypto market in the United States.
Q. Which digital assets were expected to be classified as securities versus commodities under the CLARITY Act?
A. The CLARITY Act aimed to clarify what digital assets counted as a security versus a commodity.
Q. What had already been passed by the House regarding the CLARITY Act?
A. The House had already passed their version of the bill months ago.
Q. Was the White House ready to sign the CLARITY Act into law?
A. Yes, the White House was ready to sign the bill into law.
Q. Did Democrats and Republicans seem to agree on the bill’s fundamentals?
A. Democrats and Republicans seemed to agree on the bill’s fundamentals.
Q. What had spent decades navigating in the crypto industry?
A. The crypto industry had spent decades navigating regulatory issues.
Q. Who was the CEO of Coinbase Global Inc. at the time, and what was his role?
A. Brian Armstrong was the CEO of Coinbase Global Inc., speaking to members of the media on Capitol Hill.
Q. What was the significance of January being a landmark month for the crypto industry?
A. January was set to be a significant month as the Senate would finalize the CLARITY Act, which would shape the regulatory framework for the crypto market in the US.
Q. Who spoke to members of the media on Capitol Hill?
A. Brian Armstrong, CEO of Coinbase Global Inc., spoke to members of the media on Capitol Hill.
Q. What was the source of the article about the CLARITY Act?
A. The full story can be read at The Verge.