Introduction

At its inception, the Senate version of the Clarity Act was a relatively straightforward piece of legislation, though not particularly simplified, weighing in at around 275 pages. After about a year of tortured negotiations, including significant last-minute amendments, a 635-page bill emerged that is far broader, far more burdensome, and far more complex than was originally envisioned. Unfortunately, from a public policy standpoint, the latest version of the Clarity Act has failed to advance to the Senate floor, thus dashing any hope for a comprehensive crypto market structure bill to advance in the United States for some time—per Senator Lummis (R-WY), probably until at least 2030. That said, the…