Mike Novogratz warned that if the Clarity Act fails to advance by Sept. 15, U.S. Eastern time, the country could remain without a crypto-regulatory framework for a prolonged period or permanently. He said that outcome would hurt the United States and encourage more industry activity to move overseas. Novogratz argued that the digital and blockchain revolution will continue, and that the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) could spend two more years developing rules while allowing companies to begin operating. He nevertheless said extended regulatory uncertainty is undesirable and urged senators from both parties to consider the broader national interest.