The CLARITY Act stalled in the Senate after banks, crypto firms and lawmakers failed to reach an agreement on key provisions like allowing stablecoin yields.
Failure to pass the crypto market structure bill known as the CLARITY Act could leave the door open for a future US government less friendly to the industry to crack down on crypto, according to Coin Center executive director Peter Van Valkenburgh.
In an X post on Friday, Van Valkenburgh argued that rejecting developer protections in legislation like the CLARITY Act and the Blockchain Regulatory Certainty Act in favor of “short-term business interests” and the “continued goodwill of those in charge” could lead to a “grim” future for the industry.
“The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he said, adding:
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