The recent halt in progress for the CLARITY crypto market structure bill in the United States Congress is viewed favorably by market analysts, particularly Michaël van de Poppe. His analysis follows the withdrawal of support from Coinbase, which was announced on Wednesday, alongside concerns raised by CEO Brian Armstrong regarding the bill's provisions.
Armstrong highlighted significant issues, including a potential "de facto ban" on tokenized stocks, government access to decentralized finance user records, and restrictions on yield-bearing stablecoins. Van de Poppe emphasized that approval of the bill in its current state would have negatively impacted the crypto markets. He noted that the current situation allows for further discussions, reminiscent of the extensive negotiations behind the European Union's MiCA regulations.
Efforts to establish a comprehensive framework for the crypto market in the US remain a priority for the industry and its supporters in Congress. Armstrong has stated that negotiations are still active, aiming to draft a version of the bill that aligns with the interests of both the crypto community and community banks.