Senate Democrats are pressing to slow down the "CLARITY Act" as disputes persist over stablecoin yields, decentralized finance, and which federal regulator should oversee crypto, Les Borsai, the co-founder of Wave Digital Assets, told Newsmax on Tuesday.
"CLARITY is much more broad," Borsai said on "National Report."
Under the CLARITY Act, crypto would receive formal legal classifications. The legislation would also create federal rules for crypto exchanges, brokers and custodians.
"What we're seeing, the real reasons that there's been a delay is there is uncertainty right now with stablecoin yields, is one of the sticking points that the Democrats are coming back about," he added.
Borsai said oversight questions remain central to the negotiations, and Democrats also want more time to evaluate the bill text.
"And, you know, to get to that bipartisan place, I think the Democrats are also complaining about they just received it," Borsai said. "So they need more time to review it."
Senate Agriculture Committee Chair John Boozman said his committee will postpone the planned markup of the CLARITY Act until the last week of January. The markup had been scheduled to take place alongside a Senate Banking Committee session Thursday.
Borsai compared the effort to last year's stablecoin legislation.
"Well, I think, you know, you have to go back to the GENIUS Act passing into law in July," he said. "That was a bipartisan passage which made, you know, stablecoins have an understanding around regulatory processes."
Borsai said the CLARITY Act goes further, as it impacts a lot more around crypto, "where the GENIUS Act was really very specific and narrow."
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