Crypto Rules in Chaos: What's Happening with the Clarity Act?

The crypto world is in a bit of a mess right now. A big law called the Clarity Act, which was supposed to make rules for crypto, has hit a snag. This has made crypto prices go up and down like a rollercoaster. The law was a big deal. It had almost 300 pages and was supposed to be talked about in a Senate meeting this week. But then, Brian Armstrong, the boss of Coinbase, said he didn't support it anymore. He said the law had some problems. For example, it might ban something called tokenized equities, which is a product Coinbase has. It also might stop rewards on stablecoins, which are like savings accounts for crypto. Because of this, the prices of crypto companies like Coinbase, Circle, and Bullish went down. But they are starting to go back up again. Bitcoin and other cryptocurrencies also went down but are now going up again.Armstrong said on social media that he would rather have no law than a bad one. He said the law had some bad parts, like the one about stablecoins. Stablecoins are cryptocurrencies that are tied to regular money, like dollars. A law called the GENIUS Act passed last year said that companies like Circle can't give rewards to customers. But the new law might stop companies like Coinbase from giving rewards too. Not everyone agrees with Armstrong. Arjun Sethi, the co-chief of Kraken, a crypto exchange, said that the law wouldn't be worse than what we have now. He said that walking away from the law wouldn't keep things the same. Another problem with the law is that it would stop government officials from making money on crypto. But Sen. Tim Scott, who is in charge of the Senate Banking Committee, said that this part of the law is not his job to deal with. He said it would have to be dealt with later.