Warren dey warn say CLARITY Act dey allow Meta, Tesla make dem waka comot SEC
Seneta Elizabeth Warren sharply criticize di CLARITY Act during one Senate hearing for July 9, warn say di bill tokenization provisions fit make public companies like Meta and Tesla fit waka comot from SEC watch. She also talk similar risk for GENIUS Act, put eye for Meta Diem stablecoin history, and express worry about CBDC Anti-Surveillance State Act. House Financial Services Committee go check all three crypto bills—CLARITY Act, GENIUS Act plus CBDC Anti-Surveillance State Act—on July 14 as lawmakers dey talk on how dem go arrange digital asset market well well. Ripple CEO Brad Garlinghouse urge make dem act sharp sharp to put rule wey go represent 55 million crypto users for US and market wey get $3.4 trillion. Former White House ethics lawyer Richard Painter talk say lawmakers suppose sell their crypto to avoid wahala wey fit follow if dem keep am. Both Painter and Warren point finger for former President Trump because e make $610 million from crypto investments and launch TRUMP meme coin. Di hearing na di Senate first deep talk about crypto market structure and dem plan to make law by September.
Bearish
Regulatory uncertainty about di CLARITY Act, GENIUS Act and CBDC legislation fit weigh down market sentiment. Short term, traders fit pull back because fear say dem go enforce stricter oversight plus possible loopholes wey fit undermine SEC enforcement. Long term, if dem no clear and balance di bills, ongoing debate fit limit institutional adoption and slow down tokenization projects, keep volatility high.