Over the last week, our small but mighty @Morpho team met with nearly a dozen Senate offices to talk about the Clarity Act. The message we heard in every meeting was "we're trying to get to yes." That's encouraging, because the Clarity Act is a massive opportunity for the US to lead on the regulation of digital asset markets, and its a massive improvement over the status quo.
Here's what the status quo actually looks like:
1️⃣ The industry lacks oversight. A lack of regulatory clarity favors bad actors, who take advantage of the uncertainty to exploit consumers. If we don't move now, we're leaving the door open to more bad actors.
2️⃣ The industry lacks transparency. Without mandated disclosures and listing standards, consumers are regularly exposed to scams and frauds.
3️⃣ The industry lacks standards. Without standards around decentralization and control, consumers are exposed to unknown risks when using blockchain networks.
Is the bill perfect? No. But no bill is perfect, and we can't let perfection be the enemy of progress.
The @BlockchainAssn launched ClarityForAmerica.com, which is a website that helps companies, constituents, and voters urge Senate leadership to bring the Clarity Act to the floor.
Let's get this across the line!
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