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Followinga16z crypto policy chiefs call for the advancement of the CLARITY bill: Without action, the next crisis may far exceed the FTX incident.
Miles Jennings, head of crypto policy at Andreessen Horowitz (a16z), pointed out that nearly four years after the FTX crash, the U.S. Congress has yet to establish a comprehensive cryptocurrency regulatory framework to prevent the recurrence of similar fraud cases. Jennings urged the Senate to speed up the CLARITY Act and warned that if the status quo continues, the next major crisis in the crypto market will have more far-reaching consequences than the FTX incident.
The root cause of the FTX collapse lies in the lack of basic safeguards.
Jennings said that the root cause of the FTX collapse was not complex financial products, but the abuse of customer assets and the lack of basic safeguards, such as independent custody, separation of customer funds from company funds, disclosure obligations and regulatory supervision. He pointed out that the CLARITY Act aims to introduce into the crypto industry many of the safeguards already widely used in traditional financial markets by bringing digital asset intermediaries, dealers and exchanges into the regulatory framework.
The bill proposes to implement a number of regulatory requirements, including customer divestitures, qualified custody services, restrictions on conflicts of interest with related parties, mandatory information disclosure, listing standards, and restrictions on insider token sales.
Refuts accusations of "deregulation" and emphasizes the harm of legal ambiguity
Jennings还反驳了关于《CLARITY法案》意味着“加密行业去监管化”的批评意见。他认为，目前美国立法并未明确界定众多数字资产属于哪一类监管范畴。据Jennings介绍，这种法律上的模糊性是导致FTX等在美国境外运营的平台得以扩张的因素之一。
此外，针对加密行业的道德问题及稳定币收益引发的异议，Jennings表示，新法规将限制被动稳定币的收益，并授权美国财政部在出现资本外流证据时采取额外措施。
加密市场已不再是边缘板块
Jennings补充道，稳定币的总供应量已超过3000亿美元，代币化资产的规模也突破了300亿美元。他注意到，包括贝莱德（BlackRock）、富达（Fidelity）、富兰克林邓普顿（Franklin Templeton和高盛（Goldman Sachs）在内的主要金融机构也在投资数字资产领域。Jennings强调，加密市场不再能被视为被排斥在金融体系边缘的小众板块。
呼吁建立长期稳定的规则，而非随行政更迭变动
Jennings主张，美国的加密政策不应随着每一届政府的更替而由行政部门随意重塑，而应由国会确立长期且稳定的规则进行治理。他提醒公众，参议院将于9月15日投票决定是否开始对《CLARITY法案》进行审议。
"If we don't act now, the next crisis could be much greater," Jennings concluded.
