David Sacks, President Donald Trump’s Director of Cryptocurrency and Artificial Intelligence, has stated that the probability of the market structure law for the cryptocurrency market being prepared for passage has reached its highest level ever.
Sacks emphasized that the crypto sector should leverage the current "buffer period" to address any outstanding disagreements, characterizing this moment as the most opportune time to secure the sector's future.
He further explained that clarifying industry regulations is paramount for both safeguarding investors and fostering sustained long-term growth. Sacks noted that the White House, in collaboration with Senate Banking Committee Chairman Tim Scott, committee members, and various industry stakeholders, is actively pursuing the swift enactment of bipartisan legislation designed to regulate the structure of the crypto asset market.
Previously, Coinbase, a significant proponent of the proposed legislation, had expressed opposition to the current draft of the CLARITY Act. This development led to the cancellation of a Senate Banking Committee hearing intended to discuss amendments to the CLARITY Act. A new date for this hearing has not yet been scheduled.