CoinDesk
Berkeley Law lecturer Hermine Wong argues in a CoinDesk column that the Digital Asset Market Clarity Act is structurally anti-crypto despite being treated in Washington as the singular "crypto bill." Wong's review found only 2–4% of the bill's language addresses the underlying technology, while 44–77% focuses on intermediaries, with figures varying across the House-passed bill and the two Senate committee drafts.
Why it matters
The framing matters because Clarity has become synonymous with "pro-crypto" in Washington, even though the text is built around exchanges, brokers, custodians and other intermediaries rather than the technology itself. Wong compares it to a first "medicine" bill that spends most of its ink on how Walmarts and CVSs could sell the product rather than testing, safety, or labeling. Crypto was designed to remove trusted third parties, and a bill that hardwires them in as the primary regulated constituency inverts that premise.
Market impact
The political process around Clarity has also faltered. Despite unified Republican control of Congress and the White House, plus full-throated Trump backing, the bill has already blown past its July 4 and pre-August recess timelines, with action now punted to mid-September and only 14–16 legislative days remaining before the midterms. A Senate procedural vote on whether to consider the bill is widely seen as doomed on math alone. Meanwhile, the $200M+ in 2024 crypto super-PAC spending came overwhelmingly from about 40 firms and wealthy individuals, with Coinbase, a16z, and Ripple supplying more than 80% of the funds, leaving developers, self-custody users, and peer-to-peer users without representation in the legislation's design.
Frequently asked questions
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What does the Clarity Act actually regulate?
Wong's review found only 2–4% of the bill's language addresses the underlying technology, while 44–77% focuses on intermediaries like exchanges, brokers, and custodians, with figures varying across the House-passed bill and the two Senate committee drafts.
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Why has the Clarity Act missed its legislative timeline?
The bill blew past its July 4 and pre-August recess targets despite unified Republican control of Congress and the White House. Action is now punted to mid-September, with only 14–16 legislative days remaining before the midterms and a procedural Senate vote widely expected to fail.
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Who funded the 2024 crypto super-PACs?
A concentrated group of roughly 40 crypto businesses and wealthy individuals supplied the $200M+ raised during the 2024 election cycle, with Coinbase, a16z, and Ripple accounting for more than 80% of the funds.
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Why does Wong call the Clarity Act anti-crypto?
She argues the bill is built around crypto middlemen rather than decentralized technology, inverting crypto's original premise of removing trusted third parties and leaving developers and self-custody users without a legal framework.
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What does Wong recommend instead?
She calls on Democrats to craft affirmative technology policy covering safety, security, and governance standards for decentralized protocols, rather than centering responses on anti-Trump ethics amendments that won't expand the crypto voter base.
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