2 minutes ago · 12:02 PMStephen Alpher
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'Government feels broken': Reactions to Clarity failure continue to roll in
“Government feels broken,” wrote Mike Novogratz, CEO of Galaxy Digital. “18 months of work between our industry, dems and republicans and Clarity falls apart on the 5 yard line.”
“Republicans were afraid of putting real limits on a President’s ability to profit from digital assets,” he continued. “Dems decided that this one industry is where they would fight a corruption battle. They were scared to be seen doing anything that could be perceived as being soft on the President.”
“I do have faith that the SEC and CFTC will drive on with rules for the road and hopefully in time Congress will find a way to memorialize them so people can have a longer term confidence in how digital assets will be treated in the U.S.”
“Progress need not wait for Congress,” wrote Michael Saylor, exectuive chairman at Strategy. “With CLARITY stalled, I expect the SEC, CFTC, and Treasury to advance rules under existing law, banks to expand Bitcoin custody and loans against it, and more capital to favor Bitcoin and digital credit. GENIUS supports stablecoin adoption.”
“The banks did everything in their power to kill the Clarity Act,” said Coinbase’s Kara Calvert. “The big banks and the small banks worked together to hand Donald Trump a loss and stop financial innovation and competition in America, and they successfully put several Republicans on record as anti-crypto. This was not a zero-sum game, but they made it one.”
