Coin Center's executive director, Peter Van Valkenburgh, has expressed concerns about the potential risks facing the US crypto industry without clear rules and regulations. The CLARITY Act, which aims to provide statutory protections for developers, has stalled in the Senate due to disagreements over key provisions.
Van Valkenburgh argues that rejecting protections for developers could lead to a future where the industry is governed by prosecutorial discretion, political fashion, and fear. He notes that without legislative clarity, a future administration's Department of Justice could ramp up prosecutions of privacy-tool developers as unlicensed money transmitters.