US Crypto Industry Warned of Potential Crackdown Without Clear Rules

The US crypto industry is at risk of facing a crackdown without clear rules, according to the Coin Center.

Executive director Peter Van Valkenburgh warns that rejecting protections for developers in legislation like the CLARITY Act could lead to a grim future for the industry. He claims that this would result in a world governed by prosecutorial discretion, political fashion, and fear.

Van Valkenburgh emphasizes the importance of passing legislation like the CLARITY Act, which covers a range of measures including frameworks for registering crypto intermediaries, regulating digital assets, and classifying tokens. He argues that this would provide statutory protections for developers that would withstand political change.