Will We Ever Get CLARITY in Crypto?

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Will We Ever Get CLARITY in Crypto?

This is meant to be the bill that finally gives the US crypto industry the regulatory framework it’s been begging Washington for. Instead, it’s turned into Warren’s whipping mule…

THE CRYPTO ALARM

MAY 13

The Senate Banking Committee is heading into Thursday’s CLARITY Act markup with over 100 amendments sitting in its inbox, including more than 40 from Elizabeth Warren on her own.

How much does she really hate crypto!

The bill itself is 309 pages, banking lobbyists have fired off something like 8,000 letters into Senate offices, Democrats are threatening to torpedo the whole thing over ethics, and Republicans are nervously[1] on the edges of their seats.

In short, one of the most significant pieces of legislation in crypto ever is getting well and truly politicked.

This is meant to be the bill that finally gives the US crypto industry the regulatory framework it’s been begging Washington for since the Obama years. Instead, it’s turned into Warren’s whipping mule and may end up about as useful as a flyscreen on a submarine.

So, the obvious question is, will we ever get clarity in crypto and then CLARITY? And if we do, will it end up causing more harm than good, effectively derailing the incoming bull run?

A bill in name only

Let’s look at what’s actually happening.

What happens with this sort of thing is wild when you really look at it. And is a reflection of how nonsensical politics and the legislative process really are.

The Senate Banking Committee dropped a 309-page draft on Monday night. Committee members got 48 hours to file amendments.

When was the last time you absorbed a 309 page document in 48 hours?

Yet, somehow they filed over 100 amendments…

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Me thinks either junior staffers were busy (which is concerning in its own right), or AI was busy (which is maybe more concerning).[2]

Warren on her own filed 40-plus changes (must have a stacked team of staffers), including one that would block crypto firms from ever getting Federal Reserve master accounts.

Seems like she’s very much against the inevitability of the “stablefication of TradFi” I’ve been writing about to you for a while now.

According to reports, even if the committee advances the bill on Thursday, it still needs 60 votes on the Senate floor, then reconciliation with the House. The White House wanted it done by July 4th… yeah, that’s not happening.

Realistically if we get it this year, that’s probably a win for the industry.

Watered down anyway

Even in the best case, where this thing eventually gets signed into law, what comes out the other end is not going to be the clean framework the industry has been pushing for.

It’ll be a compromise of compromises.

Stablecoin yield restrictions the banks are happy with, but crypto firms work around. DeFi protections that look good on paper but fold in the real world. SEC and CFTC jurisdictions carved up so badly that lawyers spend the next decade arguing over who gets to preside over what.

So no, I don’t think we get CLARITY in any meaningful sense this year. And if it does come, I now don’t think it will actually provide any clarity.

I had hopes this would be a watershed moment for crypto.

Then the politicians stepped in and did their best politicking.

But for all the coverage of this (guilty!) there is something you should know.

While the Senate spends another summer arguing about whether software developers count as money transmitters, bitcoin will cross $100,000 again. Then $250,000. Then $500,000. Then a million.

How much clarity you want, comes down to how high the market rips in the coming bull market.

In essence, the industry needs this, but in reality, you don’t. You want a bull market, and my view is you’ll get one.

Regardless of whether CLARITY becomes law or not.

Trust in crypto,

Adam Atlantic

[1]https://cointelegraph.com/news/us-senate-banking-committee-draft-crypto-market-structure-bill-markup

[2]https://www.tradingview.com/news/coinpedia:3c6c24ddf094b:0-clarity-act-update-senate-flooded-with-100-amendments-as-thursday-markup-arrives/

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Published by RJ Hamster

I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis. I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God. I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree. Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons. I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA. While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon.. In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God. We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987). From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting. Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982. I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects. In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston. In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018. Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia. In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey. As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova. Love and God Bless, Peter – aka RJ Hamster Jo hi

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