Gnosis and Coinbase Criticize CLARITY Act Over Threat to Crypto Autonomy

The U.S. Senate is actively advancing the Digital Asset Market Clarity Act, key legislation that would reshape the country’s cryptocurrency regulatory framework. The bill aims to clarify the legal status of digital assets and could have far-reaching implications for the blockchain industry. A safe-harbor provision shielding decentralized finance developers from custodial liability has now won public support from Democratic senators, marking an important step in balancing technological innovation with financial-risk safeguards.

The latest reports indicate that a consolidated draft could be released as early as next week, with supporters pushing to submit it to the Senate for consideration by the end of July. Disputes between the two parties over conflict-of-interest provisions and vacancies at regulatory agencies remain unresolved, leaving the bill’s path uncertain. Notably, the legislation secured a public endorsement from a second law-enforcement agency before its submission, adding momentum to the effort amid the partisan impasse.