CLARITY Bill Hearing Live: The Next Cryptocurrency Crash Will Be Even Bigger; Federal Agencies Should Be Banned from Bailing Out the Crypto Industry to Prevent U.S. Taxpayers from Footing the Bill

Odaily reported that the hearing on the "Cryptocurrency Market Structure Bill" (i.e., the CLARITY Act) has begun in the U.S. Senate Banking Committee. Democratic Senator Tina Smith stated that Bitcoin has shrunk by nearly one-third since hitting an all-time high last year, and Ethereum has lost more than half of its value since its peak. These are just the two most prominent assets in the cryptocurrency market, with nearly $2 trillion in crypto asset value evaporating. 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 preventing U.S. taxpayers from paying for it.