The National Sheriff’s Association has done an about face reversing its opinion on the CLARITY Act, crypto market legislation that will protect consumers while establishing updated rules for the digital asset sector in the US.
Previously, the Association has voiced its opposition to the legislation stating that the current language “still falls short on both public-safety and accountability safeguards” declaring the legislation would come at the expense of “investigators and prosecutors.”
Yesterday, the Sheriff’s group tempered its tone indicating it was now “neutral” so not an endorsement but no long opposition.
“We recognize that the CLARITY Act seeks to address an extraordinarily complex policy area and establish a regulatory framework for a market that has, to date, operated without sufficient regulatory oversight. We appreciate the significant work undertaken by Congress, the Administration, and stakeholders to navigate the many legal, regulatory, and enforcement considerations involved.”
The group said it now preferred that the legislative process should proceed.
Reports indicate there continues to be a good amount of closed door discussions with both Congress and the White House. There is probably a certain amount of education as well.
For the moment, it is expected a vote will be held in the Senate on the CLARITY Act on September 15th. While changes and amendments can still be made, the legislation is expected to be approved. While there are hardcore holdouts in the Senate, the legislation is viewed as strategically important for the country and thus further delays could harm the industry as well as undermine US influence in the crypto sphere globally.
