Home›Crypto›Regulation›Coinbase policy chief says Clarity Act has momentum wi…

Coinbase policy chief says Clarity Act has momentum with younger Democrats

Coinbase’s Faryar Shirzad said the bill could clear Congress even as some Democrats question its latest draft, which would bar officials and their families from issuing or promoting crypto.

Reported · Written up by our desk · Regulation

Coinbase’s chief policy officer, Faryar Shirzad, said the proposed Clarity Act is likely to move forward despite resistance from some Democrats, attributing opposition to generational differences in lawmakers’ familiarity with digital assets. Speaking on The Hill’s morning Rising show, he argued that younger members understand crypto technology and the need to adapt financial rules accordingly, and he described the issue as unusually bipartisan.

Shirzad pointed to crypto ownership in the United States, saying there are about 67 million Americans who own crypto. He also framed the legislation as addressing ethics and nominations, adding that lawmakers are considering the latest draft as efforts continue in Washington.

The latest version of the Clarity Act would aim to establish digital asset regulation, and it includes a provision that bans officials and their families from issuing or promoting crypto. The bill has faced a deadlock this year, including concerns raised by banking leaders over stablecoin yield and ethics issues, according to Bitcoin Magazine.

Bitcoin Magazine reported that a new draft circulated this month extends the official and family restriction, a change that opposition lawmakers previously criticized. A group of Democrats last week said the bill in its current form falls short, while banking lobbyists have warned that if crypto exchanges pay attractive yields, banks could lose their deposit base.

Latest closeBitcoin $62,929.67 ▼2.8%

More like this

Sources