Senator Kennedy Obstructs GOP Effort to Rapidly Regulate Crypto Markets

Senator John Kennedy has cast doubt on the Senate’s readiness for a swift regulatory push in the cryptocurrency market, stalling Republican efforts to advance the CLARITY Act. His opposition arises from concerns over the bill’s comprehensive scope and timeline, leading to disagreements with proponents including Senator Tim Scott (R-SC). Experts warn that rushing the bill could destabilize markets by failing to address crucial preparedness issues for banks and regulators.