More than a year ago, the House passed the Clarity Act.
There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate Republicans produced a floor-ready product that, as I type this, is waiting for a vote.
It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership. Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.
These same Democrats — many of whom have taken millions of dollars from the crypto industry — proclaim that Clarity lacks safeguards for consumers and falls short in countering illicit finance. Nothing could be further from the truth. Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations: non-custodial builders and developers are not, and have never been, subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it.
The Senate needs to vote NOW on this landmark legislation. The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the “Anti-Crypto Army” she once promised to build. In the days ahead, Leader Thune will put this theory to the test. Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?
America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best:
“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
🚨NEWS: I’m hearing from multiple industry sources that the White House has agreed on an ethics package for the Clarity Act and sent the language to certain Senate Republicans this afternoon.
It’s still unclear what the details of the agreement are (I’ve reached out for comment), but industry participants are hopeful this could clear the way for updated bill text to be released soon.
Un excelente grupo, un lado humano que no hay palabras para describir. Todos, pero todos, tirando siempre para adelante, en cada detalle, dejando la vida por esta selección. Mañana, todos juntos, como lo hemos hecho desde el día 1. Un privilegiado por formar parte de este EQUIPO!!! Vamos, Argentina!!! 🇦🇷
Bitcoin will evolve by changing less at the protocol layer and mattering more everywhere else.
The base layer will harden.
The capital markets will deepen.
Digital Credit will expand.
The world will build on Bitcoin. $BTC
Thank you, Michael Saylor. @saylor
You didn't just buy Bitcoin—you showed the world that Bitcoin can become the foundation of a new financial system.
bitcoin:native #Bitcoin
If Bitcoin ultimately becomes a global reserve asset, the crypto industry should thank Michael Saylor—not just for buying Bitcoin, but for proving that a public company can become the foundation of a new capital model built around it. @saylor#BTC