Coinbase Policy Chief Says Incoming Democrats Are Open to Examining Crypto Policy

Coinbase Vice President for U.S. Policy Kara Calvert said incoming Democratic freshmen are open to examining crypto policy as the Clarity Act remains stalled amid a dispute over ethics restrictions.

“You have a new class coming in that is open and is looking at this,” Calvert said, referring to Democrats entering Congress.

Democrats won control of both the House and Senate in Tuesday’s midterm elections. Their senators blocked the Clarity Act during the current session. The bill would divide crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The election results and the bill’s stalled status set the context for the incoming Congress’s crypto debate.

Senate Democrats have made a provision preventing President Donald Trump, members of his family and administration officials from earning money through crypto ventures a condition for advancing the legislation. Sen. Elizabeth Warren appears poised to chair the Senate Banking Committee.