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first_img U.S. Treasury Secretary Janet Yellen strongly urged the Senate to pass the Clarity Act

U.S. Treasury Secretary Scott Bessent posted on the X platform, strongly urging the Senate to advance the legislative process of the cryptocurrency Clarity Act after the August recess. He stated that the bill would prevent "bad actors" from exploiting important digital asset technologies and called on all parties to stay at the negotiating table, agree to procedural motions, and continue the legislative process.Bessent warned that failing to pass the bill would send a troubling signal to allies and adversaries, indicating that the U.S. is unwilling to lead the future of digital assets and is willing to forgo national security tools to combat the abuse of digital assets. In July of this year, Bessent stated that if one wants to stand on the side of "American exceptionalism," the Clarity Act must be passed, citing remarks from Satoshi Nakamoto.The Clarity Act was passed by the House last year and aims to establish a regulatory framework that clearly delineates the regulatory classification of digital assets as securities, commodities, or stablecoins. The bill has stalled this year due to disagreements between banking lobbyists and cryptocurrency companies over stablecoin revenue issues. A new draft in July prohibits government officials from promoting cryptocurrencies or profiting from them, but some Democrats still believe the bill is inadequate and demand amendments. President Trump also urged lawmakers to push the bill through.

The SEC will decide whether the cryptocurrency ETF applications will be confidential and the speed of the review: Grayscale, A16z, and others have differing positions from Jane Street and Charles Schwab

The U.S. Securities and Exchange Commission (SEC) has publicly released its request for comments regarding "Novel ETFs," which may hold crypto assets or adopt unconventional strategies. The disagreement centers on whether the filing documents should remain public before the fund begins trading and how quickly the review process should be. Crypto asset management firm Grayscale and the crypto policy organization Crypto Council for Innovation (CCI) support establishing an optional confidential filing period to reduce competitors from submitting imitation documents.Charles Schwab opposes complete confidentiality and suggests that filing documents should be made public at least 75 days in advance. Grayscale requests that the SEC respond within 45 days, while CCI argues that the confidentiality process should not extend the automatic effectiveness or review period. Venture capital firm Andreessen Horowitz (A16z) supports shortening the review time but emphasizes that the rigor of the review should not be reduced; trading firm Jane Street believes that accelerating the process could lead to a decline in product quality, competitiveness, and liquidity.Currently, there are 174 ETFs related to crypto assets in the U.S., with BlackRock's iShares Bitcoin Trust ETF (IBIT) managing approximately $61 billion in assets, accounting for about 38% of the total assets of related ETFs. The SEC will decide whether to adjust the confidentiality arrangements for filings and the speed of the review.
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