The Clarity Act recently failed to pass a cloture vote in Congress. Faryar Shirzad, Chief Policy Officer at Coinbase, attributed the outcome to the timing of the electoral calendar and a lobbying campaign by major banks.
According to Shirzad, the banking sector spent approximately $200 million on efforts that hindered the bill's progress. He noted that the legislative opportunity for this specific measure has passed for the current cycle.
The focus of policy efforts is now shifting toward regulatory bodies, including the SEC, the CFTC, and bank regulators under the leadership of Paul Atkins. Coinbase continues to pursue a three-track strategy.
This strategy encompasses legislative, regulatory, and international approaches. Shirzad stated that these initiatives maintain significant momentum despite the recent legislative setback for the Clarity Act.
