Senate Banking chair says Democrats want to restrict, not regulate, crypto

U.S. Senate Banking Committee Chairman Tim Scott criticized Democrats for delaying action on the CLARITY Act, according to Crypto Briefing. Scott argued Democrats want to restrict cryptocurrencies rather than regulate them, adding that the longer the bill is delayed, the longer the regulatory gap will persist, exposing consumers to harm and pushing innovation overseas. The CLARITY Act passed the House on a bipartisan basis last year and cleared the Senate Banking Committee in May. Some Democratic lawmakers, however, have called for revisions to strengthen provisions on consumer protection, illicit finance prevention and market integrity.