A split is emerging among crypto executives over the CLARITY Act as the Senate Banking Committee delayed its markup this week (Ed. note: the markup was postponed today). Major exchange Coinbase withdrew support, while other industry figures urged progress to provide clearer rules.
Chris Dixon of a16z Crypto said the bill helps protect decentralization and developers. He added, “Crypto builders need clear rules of the road.”
Peter Van Valkenburgh said he was optimistic about the current market structure draft. He noted improvements but acknowledged changes may be needed.
Brian Armstrong said he reviewed the draft and “unfortunately can’t support the bill as written.” He warned the text could ban tokenized equities and limit DeFi.
Ryan Rasmussen said the draft harms tokenization, stablecoins, DeFi, privacy, and innovation. Jake Chervinsky raised similar concerns but urged improvements, writing “Let’s go for better.”
Tim Draper supported Armstrong, saying the compromise looked worse than having no bill.
Market reaction was muted. OKX Singapore CEO Gracie Lin said Bitcoin’s rally shows markets price outcomes before policy concludes, and Bitcoin traded near $96,350.
