The CLARITY Act stalls in the Senate, industry organizations express concern over the removal of Section 604

One year after the CLARITY Act passed the U.S. House of Representatives, the bill remains stalled in the Senate. A certain exchange and the Blockchain Association view Section 604 as a key clause for safeguarding open-source innovation. Stefan Muehlbauer, CertiK’s Head of U.S. Government Affairs, stated that removing Section 604 conflates software development with financial services, subjecting developers to the Bank Secrecy Act. Openpayd CEO Iana Dimitrova noted that the growing use of stablecoins for cross-border value transfer has made the need for a federal regulatory framework more apparent. The bill also addresses accounting standards, recognizing that SEC Staff Accounting Bulletin SAB 121 has been withdrawn. Gomining CEO Mark Zalan stated that Bitcoin still faces regulatory gaps, such as those involving tax treatment.