Odaily Planet Daily reports that the imprisoned FTX founder Sam Bankman-Fried (SBF) recently publicly expressed support for the U.S. cryptocurrency regulation bill, the “CLARITY Act,” but this stance has been jointly opposed by Democratic and Republican senators.
SBF stated on social media that the “CLARITY Act” will be a significant milestone for the crypto industry and mentioned that he previously promoted similar legislation to limit the Securities and Exchange Commission’s regulatory power over cryptocurrencies. In 2022, he supported the Digital Commodity Consumer Protection Act (DCCPA), but progress was halted after FTX’s collapse and his arrest.
In response, Republican Senator Cynthia Lummis publicly said, “We don’t need or want your support.” Democratic Senator Elizabeth Warren also opposed SBF’s statement, showing rare bipartisan agreement on this issue.
Currently, SBF, who was sentenced to 25 years in prison for embezzling customer funds and other charges, is appealing and continues to post comments on social media, many of which express support for Trump administration policies. This has been interpreted as an attempt to seek a presidential pardon. However, the White House has previously stated that Trump has no plans to pardon SBF. The “CLARITY Act” aims to establish a comprehensive regulatory framework for the crypto industry and clarify the division of regulatory responsibilities between the SEC and the CFTC. Although the House has passed related legislation, the Senate’s legislative process still faces disputes over stablecoin yield rules and potential conflicts of interest.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Russia plans to introduce the "Stablecoin Special Law" with the earliest implementation in July this year, optimistic about the cross-border payment potential of stablecoins.
The Russian Ministry of Finance announced the promotion of a "Stablecoin Legislation," aimed at unlocking economic potential through a legal framework, promoting cross-border trade, and responding to international sanctions. The bill is expected to be submitted for review this spring, granting stablecoins legal status. Additionally, the authorities plan to strengthen regulation and hope to balance economic interests and security through the special legislation, marking a clear strategic shift by Russia in the digital finance sector.
動區BlockTempo3h ago
Russia plans to introduce a stablecoin bill, claiming it has "huge potential"
The Russian Ministry of Finance is considering introducing an independent stablecoin bill to regulate fiat-backed digital assets, expected to be implemented outside the existing cryptocurrency regulatory framework. Stablecoins are seen as a tool to counter Western sanctions and may be used for cross-border payments in the future.
GateNews4h ago
SEC Sends Crypto Securities Framework to the White House - Unchained
The SEC is clarifying how securities laws apply to crypto by submitting an interpretive framework for review, potentially introducing a token taxonomy to classify digital assets. This move aims to enhance regulatory oversight amid stalled legislation.
UnchainedCrypto4h ago
The IRS proposes that crypto brokers provide tax information reports to clients
Foresight News reports that the U.S. Internal Revenue Service (IRS) proposed a new regulation on Thursday. Under the new rules, cryptocurrency brokers will be required to provide clients with transaction information reports reported to the U.S. tax authorities. The proposal will amend the existing rules under Section 6045 of the Tax Code.
GateNews5h ago
How OTC merchants step by step into the trap of "illegal business operation"
Author: Lawyer Shao Shiwei
Profiting from buying and selling virtual currencies through price differences, but being prosecuted for receiving foreign exchange transfer funds—this article is based on a real case handled by Lawyer Shao, involving an OTC merchant accused of illegal business operations and concealing criminal proceeds through off-market USDT transactions.
In this case, the involved party has long been engaged in buying and selling USDT to earn price differences. During a normal transaction, he unfortunately received RMB funds transferred by an underground bank upstream, illegally exchanging currency for others. Big data analysis confirmed that this fund was identified as foreign exchange transfer funds.
The question then arises: Is simply earning from virtual currency price differences enough to be criminally liable for receiving foreign exchange transfer funds from illegal foreign exchange transactions upstream?
More notably, there are differing opinions within the case-handling agency regarding whether to apply the crime of illegal business operations or the crime of concealing and disguising criminal proceeds.
Lawyer Shao’s view is that such cases cannot be simply classified; the behavior must be assessed based on the individual's role in a layered manner.
PANews5h ago
XRP Could Face Securities Classification Under New U.S. Crypto Framework, Says Cardano’s Hoskinson
Charles Hoskinson argues that under the revised CLARITY Act, tokens like XRP would qualify as securities, igniting his feud with the XRP community.
He called Ripple CEO Brad Garlinghouse out again, cautioning that having no laws is better than having a bad law.
Cardano founder Charles Hoskin
CryptoNewsFlash5h ago
