New laws to strengthen America’s status as crypto centre of the world has been put on hold in the US Senate.
A delay of the Clarity Act was announced by the senate’s Banking Committee chairman Tim Scott (Republican) on January 14 (all dates are US time).
He says talks between Democrats and Republicans senators are continuing with no new date confirmed.
“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues,” he said.
“Everyone remains at the table working in good faith.
“This bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement.”
He says the committee’s intention is to deliver “clear rules of the road” for the digital asset market to protect consumers, strengthen US security and centre the industry on America.
The Act already passed the US House of Representatives with bipartisan support but has been amended once already in the Senate.
“Families and small businesses benefit from clear rules
of the road.” US Senate Banking chairman TIM SCOTT
“This bill reflects months of serious work, ideas and concerns raised across the committee.
“Investors and innovators can’t wait forever while Washington stands still. This legislation … keeps the future of finance here in the US,” Scott says.
CRYPTO CAPITAL
Almost a week before that announcement (January 9), Scott said that the Clarity Act is about “making America the crypto capital of the world so the next generation of jobs and innovation is built here, not overseas”.
“When we set clear rules, we give entrepreneurs the confidence to start companies, hire workers and grow here in the US,” he says.
“We also make it harder for criminals and foreign adversaries to use new technology to rip off Americans or undermine our financial system.”
According to the US Justice Department, scammers take $10 billion from Americans every year in international crypto fraud schemes; crypto ATMS are reported to have scammed more than $333m alone, the FBI says.
A US federal crypto scam task force says it identified scammers based in Cambodia, Laos, Burma, Bali and Thailand as it seized US $401.6m in crypto currency and is trying to return $US80 billion scammed from victims.
Scott believes the Clarity Act would ‘democratise’ the American economy and establish clear rules for digital assets, protect ‘Main Street’ retail investors and ensure the US is the global capital of cryptocurrency.
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