Cardano Founder Criticizes CLARITY Act for Expanding SEC Control Over Crypto
He claims the legislation could let the U.S. Securities and Exchange Commission classify all digital assets as securities while excluding DeFi protocols like Uniswap and yield-backed stablecoins.
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Terms & Concepts
CLARITY Act: A proposed U.S. legislative framework aimed at defining digital assets, potentially expanding regulatory oversight by the SEC.
SEC (U.S. Securities and Exchange Commission): A U.S. government agency that enforces securities laws and oversees financial markets.
DeFi (Decentralized Finance): Blockchain-based financial systems allowing users to trade, lend, or earn interest without traditional intermediaries.