The U.S. Senate postpones the CLARITY Act hearing, and the industry is dissatisfied with concessions to traditional finance.

【BlockBeats】Recently, there have been new developments in the Senate Banking Committee— the scheduled revision hearing for the “CLARITY Act” (Cryptocurrency Market Structure Act) this Thursday has been temporarily canceled.

The story behind it is quite interesting. After a 278-page amendment was released, the industry responded strongly. A leading exchange was the first to withdraw support for the draft, and industry complaints quickly exploded. What is everyone’s main dissatisfaction? During the revision process, legislators made too many concessions to banks and traditional financial institutions. Especially on key issues like stablecoin yields and tokenization, the crypto community feels they have been compromised.

Some openly say that the “CLARITY Act” was already biased towards traditional institutions in its structure, and the recent revision has only made things worse. The Democratic side is also not idle; they insist on adding ethical standards clauses to the draft, requiring high-level government officials, including the President, to refrain from profiting from crypto projects. This clause has been stuck at the White House several times, with both sides holding different views.

Senate Banking Committee Chair Tim Scott later issued a statement saying, “Everyone is still working seriously at the negotiation table,” but he did not specify when the hearing will be rescheduled. The Senate will be on holiday next week for Memorial Day and will reconvene the following week. By then, the Senate Agriculture Committee is also expected to hold a hearing, which has been moved from Thursday to later.

It seems that the process of amending this bill is far from over.