{"id":37097,"date":"2025-07-15T20:32:01","date_gmt":"2025-07-15T20:32:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=37097"},"modified":"2025-07-15T20:32:01","modified_gmt":"2025-07-15T20:32:01","slug":"us-lawmaker-warns-more-ftx-style-crashes-coming-without-crypto-clarity","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=37097","title":{"rendered":"US Lawmaker Warns More FTX-Style Crashes Coming Without Crypto CLARITY"},"content":{"rendered":"<div>\n<p>Impending crypto legislation, such as the CLARITY Act, could prevent another massive crypto collapse, according to lawmakers.<\/p>\n<p>The US House Rules Committee met on Monday to discuss three crypto bills, including the Digital Asset Market Clarity (CLARITY) Act, which was introduced at the end of June with the aim of providing a <a href=\"https:\/\/cryptopotato.com\/tom-emmer-reintroduces-regulatory-clarity-for-crypto-tech-bill\/\" data-wpel-link=\"internal\">clear regulatory framework<\/a> for the crypto industry.<\/p>\n<p>Republican representative French Hill <a href=\"https:\/\/www.youtube.com\/watch?v=344Qcnk2rE8\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">said<\/a> that without these regulations, another FTX-type collapse could occur.<\/p>\n<blockquote>\n<p>\u201cIf the existing ad hoc process remains in place, I\u2019m convinced we\u2019ll continue to see future FTX-like situations because consumers are not afforded the careful protections included in this legislation.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">WATCH: Chairman <a href=\"https:\/\/twitter.com\/RepFrenchHill?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@RepFrenchHill<\/a> speaks at <a href=\"https:\/\/twitter.com\/RulesReps?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@RulesReps<\/a> on the three bills as part of \u201cCrypto Week:\u201d<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\">CLARITY Act<br \/>\n<img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\">GENIUS Act<br \/>\n<img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\">Anti-CBDC Surveillance State Act <a href=\"https:\/\/t.co\/VoHiAoaUt1\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/VoHiAoaUt1<\/a><\/p>\n<p>\u2014 Financial Services GOP (@FinancialCmte) <a href=\"https:\/\/twitter.com\/FinancialCmte\/status\/1944872089371951395?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">July 14, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Another FTX Looms Without Regulations<\/h2>\n<p>Hill emphasized that the bill imposes strict consumer and market protections, including a prohibition on co-mingling customer funds. This directly addresses one of FTX\u2019s major failures, where customer deposits were illegally used for other purposes.<\/p>\n<p>There are also capital requirements that ensure firms maintain adequate reserves, record-keeping obligations creating audit trails and transparency, and conflict of interest provisions preventing self-dealing that contributed to FTX\u2019s downfall.<\/p>\n<p>Hill argued that the current system has gaps that leave consumers unprotected.<\/p>\n<blockquote>\n<p>\u201cFor too long, America\u2019s digital assets regime has been delivered in the worst possible world: regulation by enforcement that stifles responsible innovation and an existing commodity and security regulatory framework that\u2019s plagued by gaps that leave consumers unprotected and investors confused.\u201d<\/p>\n<\/blockquote>\n<p>Rather than the <a href=\"https:\/\/cryptopotato.com\/sec-readies-for-first-crypto-regulation-roundtable\/\" data-wpel-link=\"internal\">current regulation<\/a> by enforcement approach, the bill provides clear definitions of digital commodities and assets, specific disclosure requirements for fundraising, and retail investor protections through \u201ccarefully calibrated resale limitations.\u201d<\/p>\n<p>It also gives authority and oversight of centralized exchanges to the Commodities and Futures Trading Commission.<\/p>\n<blockquote>\n<p>\u201cWe are not creating loopholes. We are closing regulatory gaps,\u201d he said.<\/p>\n<\/blockquote>\n<p>On Tuesday, July 15, policymakers will begin discussing the bills, and voting will start when the debate ends.<\/p>\n<h2>Two More Crypto Bills in Spotlight<\/h2>\n<p>In addition to the CLARITY Act, the Guiding and Establishing National Innovation for US Stablecoins (<a href=\"https:\/\/cryptopotato.com\/genius-stablecoin-bill-passes-to-next-stage-of-voting\/\" data-wpel-link=\"internal\">GENIUS<\/a>) Act will also be debated and voted on.<\/p>\n<p>This legislation provides a regulatory framework for stablecoins, setting rules for issuers, reserve transparency, and allowing banks to participate.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The House votes on my GENIUS Act this week.<\/p>\n<p>With this bill, we are one step closer to becoming the global leader in crypto.<\/p>\n<p>Let\u2019s get this to <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@POTUS<\/a>\u2019s desk ASAP.<\/p>\n<p>\u2014 Senator Bill Hagerty (@SenatorHagerty) <a href=\"https:\/\/twitter.com\/SenatorHagerty\/status\/1944759704279822826?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">July 14, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from issuing a central bank digital currency, is also up for debate and a vote this week.<\/p>\n<p>On July 22, Donald Trump\u2019s Digital Asset Task Force is expected to release a report that could include an American strategic Bitcoin reserve, which could also boost crypto market sentiment.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/us-lawmaker-warns-more-ftx-style-crashes-coming-without-crypto-clarity\/\" rel=\"nofollow\">US Lawmaker Warns More FTX-Style Crashes Coming Without Crypto CLARITY<\/a> appeared first on <a href=\"https:\/\/wordpress-433650-5559317.cloudwaysapps.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Impending crypto legislation, such as the CLARITY Act, could prevent another massive crypto collapse, according to lawmakers. The US House Rules Committee met on Monday to discuss three crypto bills, including the Digital Asset Market Clarity (CLARITY) Act, which was introduced at the end of June with the aim of providing a clear regulatory framework [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-37097","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/37097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37097"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/37097\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}