US Congress: Enhances CLARITY Act for Crypto Decentralization
US Congress refines CLARITY Act with coordinated control test, boosting crypto regulation update and decentralization standards amid SEC oversight.
SourceAnalysis
US Congress just leveled up the CLARITY Act with sharper language on decentralization, swapping 'common control' for the tougher 'coordinated control' test that SEC will define using robust criteria. This kills the loophole where projects dodged rules by avoiding promises, forcing corpochains into heavier regulation on insider token sales and disclosures—think more scrutiny for Bitcoin and BTC ecosystems. Layer-2 networks must narrow their security councils to comply, as experts like @lex_node hail this cypherpunk-friendly shift in crypto regulation update, CLARITY Act amendments, and SEC decentralization tests history.
Michael Bacina | | HK Consensus
@MikeBacinaMichael is a near 10 year veteran of web3 law with a particular interest in web3 gaming. He has worked with many leading web3 gaming projects and specialises in offshore structuring and complex contracts. He served as director for 5 years at Blockchain Australia (now Digital Economy Council of Australia) and for Chair in the last 2 years. He has published over 1,500 articles and given over 150 presentations on law and regulation and is the co-author of an upcoming foundational Blockchain and the Law textbook publishing in Q2 by a major legal publisher. Michael also served on the board of the Canadian Australian Chamber of Commerce and on the board of the foundation responsible for Session, a web3 private messenger. Michael is based in the Cayman Islands and will soon be joining NXT.Law as a partner.
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