NCLC joined 82 investor, consumer and other advocacy organizations opposing the CLARITY ACT, H.R. 3633, which legitimizes risky and exploitative crypto industry practices. The bill seeks to create a “market structure” and regulatory regime for crypto platforms and crypto traders, but the bill weakens the enforcement powers of federal financial regulators, undermines state regulators’ ability to protect consumers, and creates vague new definitions for crypto financial products that promote regulatory evasion.
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