news 
DeFi Stakeholders Criticize CLARITY Act
A group of DeFi stakeholders have expressed their discontent with the recently proposed CLARITY Act, stating that it will push crypto and blockchain developers outside the U.S. and favor only a select few in the industry.
The stakeholders, who wish to remain anonymous, claim that the bill is flawed and contains rules that are impossible for developers to follow while still honoring DeFi principles like decentralization. They believe this would negatively impact the quality of U.S.-based DeFi projects.
According to the critics, the CLARITY Act forces DeFi platforms to be centralized and dictates the number of tokens that can be traded on each platform. This, they argue, will stifle innovation and create a regulatory environment that is hostile towards startups.
Furthermore, the stakeholders are concerned about the high compliance costs that the bill will impose on new players in the industry, making it difficult for them to enter the market. They also expressed dismay at the lack of clarification on the boundary between federal and state DeFi regulation.
One of the critics stated that the bill was “written by and for the big companies in crypto,” suggesting that its primary purpose is to benefit established players rather than promoting innovation or user adoption.
The stakeholders’ concerns about the CLARITY Act come as a surprise, given that the bill has been praised by some in the industry. However, the criticism highlights the deep divisions within the DeFi community on the proposed regulation.
It remains to be seen whether this criticism will have any impact on lawmakers, but one thing is certain: the debate over DeFi regulation is set to continue for a while yet.
Source: fullycrypto.com
