….so the ball has been passed to the SEC and CFTC to run with it. For awhile anyway.
Back in March Sec Chairman Paul Atkins and CFTC chairman Mike Selig signed a co-operation agreement. Six days later on 17th March, the SEC and CFTC published a joint 68 page interpretation. The token taxonomy sorts crypto into 5 categories. And clarifies how federal securities laws apply to various crypto assets and transactions.
token taxonomy
- Tools
- Securities
- Collectibles
- Stablecoins
- Digital commodities
the digital commodities
- BTC
- ETH
- SOL
- XRP
- ADA
- LINK
- AVAX
- DOT
- XLM
- HBAR
- LTC
- DOGE
- SHIB
- XTZ
- BCH and
- APT
Turns out most of what the Clarity Act promised already existed.
the bloody politics
- cloture vote needed 60% of the House to vote yes
- result was 49 for, 50 against, 1 no-vote
- voting on whether the Senate should even consider debating the bill
- according to Sen. Cynthia Lummis, over the year Democrats made countless demands and amendments to the bill, and as soon as those were met, they went right back and demanded even more.
- more than 120 concessions were made to the bill following Democratic pushbacks
Ethics provisions the stumbling block?
- extend the ethics rules to cover dependent children
- require covered officials to sell certain crypto holdings within 180 days
- tighten enforcement
- place limits on ethics waivers and
- require crypto promoters to disclose compensation
these demands were of course rejected by the Republicans. No surprise there as President Trump and his family pocketing around $1.4B from crypto deals.
Funny how insider trading is OK but having a meme coin is not. Thats politics for you. Especially with the midterm elections coming up. Neither party wanted to seen as a pussy to their respective voter bases.
Why the big hoohah!!!
It is harder undo a law as it requires another act of Congress. While any future Chairman can rewrite an agencies guidance without any oversight.
All is not lost as Republican Senator Tillis changed his vote from Yay to a Nay, so he could file a motion to reconsider later and try to bring it back.
In the meantime the big money will continue to stay on the sidelines and wait till they get their statute.
DISCLAIMER: I promise no AI or politician was harmed in the researching, editing and publishing of this (as much as I might have wanted to). But lots of CO2 was produced, doing my bit to make planet earth green.
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