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Supporters continue to present the CLARITY Act as a legislative act providing regulatory clarity for digital assets.
Lummis confirmed his position, stating that one aspect of the bill is aimed at software developers behind open-source blockchain projects, and that this does not mean that writing code has ceased to be a money transmission business.
Additionally, investor Rich Peter stated that the bill will sever ties between securities and commodities market regulators and create a framework to slow the transition of blockchain developers to foreign jurisdictions.
Ripple also participated in the congressional discussion, showcasing its "Clarity" truck in Washington. According to the company, the bill will provide "clearer rules for digital assets, greater consumer protection, responsible innovation, and help keep the U.S. competitive."