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Clarity Act push delayed, critic says it targets crypto intermediaries
A Berkeley Law lecturer argues the bill devotes 44.0% to 77.0% of its language to exchanges, brokers, and custodians, while only 2.0% to 4.0% addresses core technology.
CoinDesk reports that congressional action on the Digital Asset Market Clarity Act has been punted until mid-September, prompting renewed scrutiny of whether the proposal is truly beneficial for crypto.
The outlet says the bill has been framed in Washington as a catch-all “crypto bill,” but Berkeley Law lecturer Hermine Wong argues it is better understood as legislation aimed at crypto middlemen rather than the technology itself.
In her review of the bill’s text, Wong finds only 2.0% to 4.0% of the language focuses on underlying technology, while 44.0% to 77.0% centers on exchanges, brokers, custodians, and other intermediaries, with the exact figures varying across different draft versions.
CoinDesk notes Wong links the legislative history to prior gaps in governance during the Gensler enforcement era and after major collapses including Celsius, Voyager, and FTX, arguing that the current push risks becoming a political trap rather than clear progress for the market.