CLARITY Bill Hearing Live: The Next Crypto Crash Will Definitely Be Larger; We Should Prohibit Federal Agencies from Bailing Out the Crypto Industry to Spare U.S. Taxpayers

Odaily reported that the review of the “Crypto Market Structure Bill” (i.e., the CLARITY Bill) has commenced in the U.S. Senate Banking Committee. Democratic Senator Tina Smith stated that Bitcoin has shrunk by nearly one-third since hitting its all-time high last year, and Ethereum has shrunk by more than half from its peak. These are just the two most prominent assets in the cryptocurrency market, with nearly $2 trillion in crypto asset value having evaporated. It is almost certain that the scale of the next crash will be larger than the last. Therefore, the role of this amendment is simple: to prohibit federal agencies from bailing out the crypto industry, thereby sparing U.S. taxpayers from paying the bill.