The U.S. crypto industry’s momentum will not be derailed in the long term, even if the highly anticipated CLARITY Act, aimed at bringing more regulatory clarity to the crypto industry, is not passed by Congress, according to Chris Perkins, CEO of 250 Digital Asset Management.
“Otherwise, everything will be fine,” Perkins said Friday on Cointelegraph’s Chain Reaction podcast, emphasizing that the two major financial regulators are already developing workable frameworks.
Perkins highlighted the continued efforts of U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins and Commodities and Futures Trading Commission (CFTC) Chairman Michael Selig following the agencies’ joint interpretation released in March on how federal securities laws apply to crypto assets.
Being called a stock used to be a “death sentence” for crypto
“These guys are creating policies and precedents every day, and they’re giving us the one thing we’ve needed for a very long time, this certainty, this stability and, ultimately, a taxonomy,” Perkins said.
“In the past, being a security guard was a death sentence; there was nowhere to go with it, and it just didn’t fit… now it’s great to be a security guard,” he said.
Under the Joe Biden administration, under former SEC Chairman Gary Gensler, crypto tokens classified as securities were generally subject to enforcement actions, delistings from major platforms, and had no clear path to compliance in the US market.
Chris Perkins spoke with Cointelegraph reporter Ciaran Lyons on Chain Reaction on Friday. Source: Cointelegraph
Although Perkins said he isn’t worried about the industry’s long-term prospects if the CLARITY Act isn’t passed, he added that if it becomes law, it would be much harder for future administrations to roll back regulatory clarity.
“What you’ve done is you’ve enshrined a policy for a very long time. Even though it’s hard to pass a law, it’s even harder to dismantle it,” Perkins said. “There’s a reason we say it takes an act of Congress to do something,” he added.
CLARITY Act hopes to increase
Many in the industry have expressed hope that the CLARITY Act could be passed soon after the release of new stablecoin yield provisions Friday.
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“It’s time to do CLARITY,” Faryar Shirzad, Coinbase General Counsel said In an article
US Senator Bernie Moreno recently said that he expects the CLARITY Act to be “finished” by the end of May. On April 11, US Senator Cynthia Lummis said“It’s now or never.”
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