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Strong Opposition to the CLARITY Act
Stablecoins, Cryptocurrency Market Structure, CBDC
In a Sunday interview with MSNBC, Senator Elizabeth Warren from Massachusetts, who has long associated digital assets with illegal activities, stated her support for regulating the cryptocurrency industry. However, she hinted at her intention to oppose the CLARITY Act, which was proposed by Republicans and has bipartisan support. Warren stated:
“We need cryptocurrency regulation, but we do not need regulations written by the cryptocurrency industry that foster corruption. What we need is to limit corruption, restrict elected officials from trading in digital assets, and also prevent cryptocurrencies from destroying the economy.”
Warren’s remarks indicate that she plans to intensify efforts to unite Democrats against the CLARITY Act. The bill is expected to be reviewed by the Senate starting in September. Previously, Republican leaders of the Senate Banking Committee indicated in June that they planned to pass the bill by September 30.
According to a previous report by Zombit, House Democrats and Republicans jointly passed the CLARITY Act, the GENIUS Act regulating payment stablecoins, and a bill limiting the U.S. central bank from issuing digital currency (CBDC) in July. The GENIUS Act had already been passed by the Senate and was signed into law by President Donald Trump in the same week, while the other two bills are expected to be reviewed by the Senate after Congress reconvenes following the August recess.