Coin Center | Crypto

The CLARITY Act stalled in the Senate after banks, crypto firms, and lawmakers failed to reach an agreement on key provisions like allowing stablecoin yields. Failing to pass the crypto market structure bill known as the CLARITY Act could leave the door open for a less industry-friendly future US government to crack down on crypto, according to Coin Center executive director Peter Van Valkenburgh. In an X post on Friday, Van Valkenburgh argued that rejecting developer protections in legislation like the CLARITY Act and the Blockchain Regulatory Certainty Act in favor of “short-term business interests” and the “continued goodwill of those in charge” could lead to a “grim” future for the industry. “The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he said, adding that “A world without CLARITY’s statutory protections for developers is a world governed by prosecutorial discretion, political fashion, and fear.” Read more

The advocacy organization filed a brief opposing prosecutors’ arguments that two brothers presented themselves as “honest validators” to allegedly pull off a $25-million exploit. Cryptocurrency advocacy organization Coin Center has weighed in on the ongoing criminal trial of two brothers who allegedly exploited the Ethereum blockchain using maximal extractable value (MEV) bots. In a Monday amicus curiae brief — a document filed by an entity that is not a party to the case — Coin Center argued against one of the prosecutors’ key case theories involving Anton and James Peraire-Bueno. The two individuals are allegedly responsible for a $25 million MEV exploit in April 2023. According to Coin Center, the US government’s claims of “honest validation” lack merit and should be rejected by the court. Read more