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The Clarity Act failing today makes everybody a loser, all because partisan jockeying beat out common sense: The lines between tokens and securities are no more clear. Entrepreneurs will still prefer to build and raise capital offshore. Investors will receive no more information, or protections. Developers have no additional safeguards for decentralized systems. Banks are stuck with stablecoins able to pay rewards (yield). There are zero ethical guardrails for government employees and crypto. The list goes on. But mostly I just feel for the countless folks in the industry and across the House and Senate (of both parties) that worked on this for so long, and the light of American leadership dimming just a tad. Onwards
rleshner ↗