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GSR Legal Chief Puts CLARITY Act Odds Below 50% on Ethics Stalemate
GSR's Josh Riezman assigns less than 50% odds for the CLARITY Act's passage this session. Sen. Alsobrooks says she won't support the bill without a consensus on ethics provisions.
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The CLARITY Act has bipartisan momentum and a workable framework. Unresolved ethics provisions are threatening to kill the bill before it reaches a Senate floor vote, according to Josh Riezman, Chief Legal and Strategy Officer at market maker GSR.
Riezman assigned less than 50% odds for the bill's passage within the current congressional session. He flagged the ethics provisions as the primary obstacle in a mid-May discussion, with a June 15 deadline approaching and no reported progress on the ethics front.
The bill would draw jurisdictional lines between the SEC and the CFTC, define the securities-versus-commodities distinction for digital assets, and set ground rules for exchanges, custody, and staking. It would give the CFTC explicit oversight over digital commodities.
Sen. Angela Alsobrooks (D-Md.) stated June 5 that she will not support the CLARITY Act without a consensus on ethics provisions. That precondition is currently the single biggest variable determining whether the US gets a crypto regulatory framework this session.