Summary remarks by the CLARITY Act Committee: The digital revolution has arrived and will regulate digital assets in innovative ways

BlockBeats message. On May 15, after the “Cryptocurrency Market Structure Act” (i.e., the CLARITY Act) was formally approved by the U.S. Senate Banking Committee for review, Democratic Senator Brooks delivered remarks in support of advancing the bill. She said: The digital revolution is here. It brings clear opportunities to support small businesses, create wealth, and spark innovation. The fact is, this digital revolution has already arrived—whether we regulate it or not, whether we make rules or not. My 20-year-old daughter and her peers have made it very clear to me: they are deeply interested in this innovation; they believe the digital revolution is crucial; and they not only want to be able to participate safely in it, but also want what every American wants—real and continuously growing economic opportunities, and the opportunity to create intergenerational wealth.

That is precisely why I have been involved in negotiations for more than nine months. The goal is to regulate digital assets in a way that protects consumers, reduces the risk of deposits fleeing, and still allows for innovation. I conducted sincere negotiations with colleagues from both parties, and I thank them for their hard work. Based on that sincerity, I voted today in support of moving the bill forward. But I must be very clear: my vote today is to keep the work going, and it does not mean that I will vote to support the passage of the CLARITY Act in the full House, because we still have a lot of work to do.

I know we need to find a workable approach to address law enforcement’s concerns about financial crimes. I myself come from a career as a prosecutor, and I understand the importance of this. We also need to include an ethical agreement, one that applies not only to the President and Vice President, but to all of us. The American people—especially my constituents—expect us to do so. We also need to work with our colleagues on the House Agriculture Committee regarding their draft. We still need to keep working. I will continue working with my colleagues to get things done properly.

Americans from every background and every community should gain economic benefits from this digital revolution and should be protected from its risks. If we don’t take action, we will be left behind.