CLARITY Act Has Little Chance of Passing in Current Form as Elizabeth Warren May Lead Senate Banking Committee

The CLARITY Act is unlikely to become law in its current form, while Elizabeth Warren may become chair of the Senate Banking Committee. According to Foresight News, Crypto in America reported that Democrats won control of both chambers of Congress in the midterm elections, despite the crypto industry spending more than $170 million during this election cycle. Warren, one of the industry’s most outspoken critics, is currently the committee’s top Democratic member. Any future crypto legislation may include more changes backed by Democrats, the report said. Congressional oversight of Republicans and the Trump administration is also expected to increase. Robert Garcia, the incoming chair of the House Oversight Committee, posted “LAWYER UP.” Potential areas of scrutiny include links between the Trump administration and the crypto industry, the president’s crypto businesses, possible conflicts of interest, and regulatory decisions by the SEC and CFTC. The report said requests for hearings, investigations, and documents are likely to increase. Foresight News previously reported that Eleanor Terrett posted that several crypto-supportive lawmakers lost their midterm elections and that crypto legislation opponent Maxine Waters may become chair of the House Financial Services Committee.