Political Quotes

“I will expand for a minute on the important protections included in the CLARITY Act. The CLARITY Act includes strong protections for the developers of software. Sections 309 and 409 make it clear that neither the CFTC nor the SEC have the authority to require a person to register just because that person is developing, publishing, or distributing software. This is a critical protection, rooted in our First Amendment, that should be read expansively by the commissions. The creation of new decentralized finance protocols is also an important development that the CLARITY Act seeks to protect. Both the CFTC and the SEC must carefully examine and understand DeFi, which is why we are requiring both Commissions to undertake a robust study on the unique benefits and risks of DeFi. Through the CLARITY Act, Congress is making an unambiguous statement that DeFi is different, and it should be treated differently from the centralized custodial intermediaries. Protecting this emerging technology is an essential purpose of the CLARITY Act.”