TechFlow News, May 14: According to The Block, Joshua Riezman, Chief Legal & Strategy Officer at GSR, stated at Consensus Miami that the probability of the Clarity Act passing during this congressional session and being sent to the President for signature is less than 50%. He noted that the bill is currently stalled in the Senate, with key points of contention centering on whether stablecoins should be permitted to generate yield and on ethical concerns arising from the President’s family involvement in the crypto industry.
Over 100 related amendments have already been submitted to the Senate Banking Committee for review. Previously, Paul Grewal, Coinbase’s Chief Legal Officer, publicly predicted the bill would pass this summer—a view that stands in clear contrast to Riezman’s assessment. Riezman also warned that failure to enact the bill during this session would harm U.S. competitiveness and deprive consumers and retail participants of corresponding protections.
