Crypto's Sisyphean struggle
Source: CoinDesk ·
From the source
Progress will effectively reset when the new Congress is sworn in, because key senators who quarterbacked the bill will not be on the ballot again, writes the Cato Institute's Ryan Chan-Wei. Sisyphus was condemned by the gods to push a boulder uphill, only to watch it roll back down again and again. After years of pushing for regulatory clarity, crypto appears doomed to a similar fate. The latest attempt—all 635 pages of it—has rolled down the hill once more. The Senate recently failed to advance the Digital Asset Market Clarity Act, also known as the Clarity Act, and with the midterms around the corner, there is no realistic path to reviving it before the end of the year. The Clarity Act, as its name suggests, sought to establish a framework for market structure: the rulebook that sorts crypto tokens into legal categories, licenses the firms trading them, and determines how supervisory authority should be divided between the Securities and Exchange Commission and the Commodity…