Analysis: Industry Insiders Express Discontent with 'CLARITY Act', Criticize Excessive Concessions to Traditional Financial Institutions

Following reports, the Senate Banking Committee has canceled the scheduled revision hearing for the 'CLARITY Act' (Cryptocurrency Market Structure Act) on Thursday. According to crypto journalist Eleanor Terrett, aside from Coinbase withdrawing its support for the bill, industry insiders' discontent erupted this Wednesday, complaining that lawmakers made excessive concessions to banks and traditional financial institutions after proposing amendments to the 278-page bill, especially regarding stablecoin yields and tokenization.

Critics argue that the 'CLARITY Act' itself already favors traditional institutions. Meanwhile, some Democrats insist on including ethical provisions for senior government officials, including the president, to prevent them from profiting from cryptocurrency projects. Democrats have previously clashed with the White House on this issue multiple times.

Currently, Banking Committee Chairman Tim Scott stated in a postponement announcement that everyone is still working sincerely at the negotiating table, but did not disclose when the committee will reschedule the deliberation. The Senate will be in recess next week for Martin Luther King Jr. Day and will reconvene the following week. The Senate Agriculture Committee is expected to hold deliberations at that time, which have also been postponed from this Thursday.

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