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Clarity Act prospects dim as BitMEX plans shutdown after lawsuit risk

Cointelegraph says BitMEX will close in September after 11 years, as crypto consolidates into five major players and the Clarity Act faces an August recess deadline.

Reported · Written up by our desk · Regulation

Cointelegraph reports that support for the proposed US CLARITY Act is fading, with Senate Majority Leader John Thune saying he does not believe the bill has the votes to pass in the near term. Thune may still bring it to a vote to “get Clarity started,” as an August recess deadline looms.

The outlet says the bill would prohibit all US officials from issuing or sponsoring digital assets, but includes “get out of jail free” provisions for the President that Democrats oppose. Those provisions would expire the day the President is scheduled to leave office in 2029, and enforcement would be carried out by the Attorney General that Donald Trump appointed.

Cointelegraph adds that Democrats want state Attorney Generals to enforce the ethics rules, a change Trump appears unlikely to accept. Negotiations are ongoing, and the outlet characterizes the process as difficult due to a lack of trust between the sides.

Separately, Cointelegraph says BitMEX, a derivatives exchange launched in 2014, will shut down operations in September after 11 years. The outlet notes the platform became known for introducing 100x leverage perpetual swaps, and it cites reduced volumes and increased competition from major exchanges like Binance, as crypto consolidates into fewer large players.

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