News Author: Crypto Emergency
On Wednesday, the discussion of the bill on the structure of the cryptocurrency market reached a critical point during the meeting of the U.S. Congress. The reason was the leak of the Democrats' proposal to introduce regulatory requirements for the decentralized finance (DeFi) sector, including 'Know Your Customer' (KYC) standards and anti-money laundering measures.
According to journalist Eleanor Terrett, citing sources, the document resonated among industry representatives and became a reason for accusations of political bias. Democratic senators stated that the cryptocurrency community acts as an extension of the Republican Party, which heightened tensions amid the discussion.
Legislators warned that public discontent with the bill or its individual provisions could slow down the legislative process.
Industry reaction: criticism and irony
Bo Hines, former director of the U.S. Presidential Working Group on Digital Assets, criticized the Democrats' position. He noted that one of the senators is upset that the cryptocurrency community gained access to political initiatives that he intends to turn into law. According to Hines, this resembles political satire.
The CLARITY Act continues to move forward despite the suspension of government work
The escalation of the discussion occurs against the backdrop of the fourth week of the suspension of federal government work, which slows down the progress of the cryptocurrency regulation bill.
Nevertheless, Congressman from Wisconsin Brian Stile stated that the CLARITY bill remains on the agenda and may be signed by 2026. In an interview with CNBC on October 8, he expressed hope for a quick resumption of government work and active promotion of the initiative in the Senate.
White House economic adviser Kevin Hassett also noted that the suspension is likely to end in the coming days if Republicans receive the necessary support. According to him, moderate Democrats are ready to ensure the opening of the government and continue discussing political solutions in the usual manner.
