CLARITY Act stalled in Senate, industry groups concerned about removal of Section 604

One year after the passage of the CLARITY Act by the US House of Representatives, the bill still remains in the Senate. Coin Center and Blockchain Association consider Article 604 as a key provision for protecting open source innovation. Stefan Muehlbauer, the head of US government affairs at CertiK, stated that deleting Section 604 would confuse software development with financial services, making developers subject to the Bank Secrecy Act. Openpayd CEO Iana Dimitrova stated that the expanded use of stablecoins for cross-border value transfer has made the need for establishing a federal regulatory framework clearer. The bill involves accounting standards and recognizes that SEC employee accounting bulletin SAB 121 has been revoked. Gomining CEO Mark Zalan stated that Bitcoin still faces regulatory gaps such as tax treatment.