The Clarity Act failing today makes everybody a loser, all because partisan jockeying beat out common sense: The lines between tokens and securities are no more clear. Entrepreneurs will still prefer to build and raise capital offshore. Investors will receive no more information, or protections. Developers have no additional safeguards for decentralized systems. Banks are stuck with stablecoins able to pay rewards (yield). There are zero ethical guardrails for government employees and crypto. The list goes on. But mostly I just feel for the countless folks in the industry and across the House and Senate (of both parties) that worked on this for so long, and the light of American leadership dimming just a tad. Onwards

Senators that vote FOR the Clarity Act today demonstrate that they are on the side of consumers, technological innovation, and regulation. Senators that vote AGAINST the Clarity Act today demonstrate that they are for the unregulated, swampy status quo. Simple as that.

The Clarity Act fills pre-existing regulatory gaps, and creates a framework for safely launching and operating crypto platforms. It also creates ethical guardrails that have never existed. A vote against Clarity is a vote to maintain the universally-reviled status quo