The crypto think tank says the industry needs to secure congressional protections now or face further enforcement.
Coin Center CEO Peter Van Valkenburgh he warns It has now been seven weeks since the testimony from Treasury Secretary Scott Bessent, and Congress has not voted on a market-related bill from the Senate Banking Committee or passed a version of CLARITY in the Senate.
Without CLARITY, DOJ says it will continue to prosecute private sector manufacturers under 18 USC § 1960 as unauthorized money transmitters.
He said the SEC will also repeal existing guidelines, while the Treasury and FinCEN will implement Bank Secrecy Act regulations that require AML and KYC responsibilities across all networks.
“Of course, there are people in crypto who don’t obey, and if they win the day, then we will all be in hell.
Whether it is rejecting the protection of developers in CLARITY and BRCA in favor of short-term business, or relying on the favor of those who control it, that future is bad. “
Valkenburgh says a bipartisan coalition of lawmakers including Democrats Ron Wyden and Ritchie Torres, Republicans Tom Emmer, Cynthia Lummis and Warren Davidson provides a rare opportunity to seal a lasting security bond that binds future governments.
“The purpose of passing CLARITY is not to trust this administration, and to build the next one…
We have this moment where their voices can rise above the anti-tech, pro-authoritarian left and right. If we lose this moment because we think we will have more money and more space under the short-term vision of a new administration, then we will lose our way.
We fail to stand for the transparency, neutrality, and freedom that crypto stands for. And worst of all, we will have helped tie the rope ourselves, handing it over to future adults who will be more than happy to pull it.
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