Analysis: Industry Insiders Express Frustration with the "CLARITY Act," Criticize Excessive Concessions to Traditional Financial Institutions

BlockBeats News, January 15th, the Senate Banking Committee has canceled Thursday's scheduled markup hearing on the "CLARITY Act" (Crypto Market Structure Act), according to crypto journalist Eleanor Terrett. In addition to Coinbase leading the announcement to withdraw its support for the draft bill, industry members' dissatisfaction reached a peak this Wednesday. They complained that lawmakers made too many concessions to banks and traditional financial institutions after amending a 278-page bill, especially regarding stablecoin yields and tokenization.

Critics argue that the "CLARITY Act" itself was already biased toward traditional institutions. Meanwhile, some Democrats insisted on including ethics provisions for senior government officials, including the president, to prohibit them from benefiting personally from cryptocurrency projects. Democrats had previously been deadlocked with the White House on this issue.

Currently, Senate Banking Committee Chair Tim Scott stated in a postponement announcement that "everyone is still working in good faith at the negotiating table," but did not reveal when the committee would reschedule the markup. The Senate is set to recess next week for Martin Luther King Jr. Day and will reconvene the following week. The Senate Agriculture Committee is expected to hold its markup then, which was also postponed from this Thursday.