‍#Gate广场五月交易分享

Latest developments! Talks between the two parties over the Clarity Act have ended without an agreement

Crypto journalist Eleanor Terrett has disclosed that the bipartisan small-scale negotiations over the Clarity Act concluded that evening, but no agreement has been reached yet. Republican lead negotiator, Senator Cynthia Lummis, said that all sides have reached consensus on 99% of the bill’s contents, and that they hope Democratic colleagues will continue working to resolve the remaining 1% of disagreements after the bill passes the committee; otherwise, if a similar incident like FTX occurs again in the future, all parties will be hard to escape blame for. At the final stage, Democrats raised concerns about provisions related to the Blockchain Regulatory Certainty Act (BRCA), which is intended to prevent non-custodial software developers from being prosecuted under laws governing the transmission of money. Terrett said that substantive progress was made in negotiations on ethical issues, but the final disagreements over amendments to the BRCA prevented the agreement from taking shape.

Xiao Caishen believes the news is somewhat neutral: on one hand, the two parties’ failure to reach an agreement suggests Democrats are opposing the bill. Tonight’s Senate committee vote will require more than 60 votes in favor for passage; if there are no cross-party votes from Democrats, passing the bill will be challenging to some extent. On the positive side, both sides made substantive progress in negotiations on ethical provisions—this is currently the biggest obstacle that the “Clarity Act” faces besides the banking industry’s opposition. If this issue can be resolved, it would be a major positive for the bill’s progress going forward. In any case, let’s first see the vote results tonight. Everyone, stay tuned!