A part of FTX survived, and it’s the case for the CLARITY Act
The article argues for the passage of the CLARITY Act, suggesting that the digital asset industry requires federal oversight to prevent systemic financial shocks similar to the 2008 crisis. It highlights that the interconnectedness of crypto assets and traditional financial markets poses a significant risk to the broader economy.
If you run a traditional desk and treat CLARITY as a problem for the digital asset industry rather than your own, consider 2008. A new instrument grew up fast, inside the regulated system, on rules that had never been stress-tested, and when it broke the loss did not stay where it started. It reached firms that never touched a subprime mortgage and erased some $17 trillion in household wealth.
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