BlockBeats News, May 15th, Republican senators proposed an amendment during the Banking Committee markup of the "CLARITY Act," calling for the establishment of a regulatory framework by the SEC and CFTC for the issuance and sale of digital assets, providing investor and consumer protection enforcement.

Democratic Senator Warren opposed the amendment, stating that we should call this the "Ninth Fig Leaf." She argued that it purports to restore consumer and investor protections at the state level and the ability for defrauded investors to bring lawsuits, but it is riddled with exceptions, caveats, and loopholes, rendering it essentially meaningless. One of the most egregious and fatal flaws of the amendment is that it strips state enforcement authority. As the crypto industry grows, so do scams, and state police are the only line of defense for law-abiding American citizens. If this amendment actually did something, I would support it. But in reality, it does nothing; it just hoodwinks people into thinking it does something.

The amendment was passed with 18 in favor and 6 against. The "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) is currently being voted on amendment by amendment.