Coinbase Exec Says Clarity Act Has 'Tremendous Momentum' In The Senate

Authored by Micah Zimmerman via BitcoinMagazine.com,

Coinbase Vice Chair Ryan VanGrack said the Clarity Act has gained “tremendous momentum” in the Senate, in a CNBC “Squawk Box” appearance that made the case for a federal crypto framework and touched on bitcoin, blockchain, and the industry’s uneasy truce with Wall Street.

VanGrack, a former SEC official, framed the Clarity Act as an overdue set of rules rather than a giveaway.

“It’s not about no regulation,” he said.

“This is about imposing regulation on the industry for the first time.”

He described a “win-win-win” for American investors, innovators, and standards should the measure pass, and said a bipartisan group of senators has kept up work “even in the last few weeks and days.”

Clarity Act updates

The House passed its version of the Clarity Act last year, and attention has shifted to the Senate, where the path to 60 votes remains the central hurdle. 

The Senate Banking Committee advanced the bill in a 15-9 vote this spring, with two Democrats crossing over, and House members have  READ MORE AT SOURCE »