SEC Grants Exemptive Relief from Certain Inline XBRL Filing Requirements

🚨NEW: Former @CFTC Chairman @giancarloMKTS tells me the Senate’s failure to pass the Clarity Act is a disappointment but will not stop the “march of innovation” in the U.S. “@SECPaulSAtkins and @ChairmanSelig are determined to do what their jobs require them to do and put in place sound regulatory frameworks that ensure that financial innovation, market modernization and economic growth take place under U.S. law and not outside it,” he said. Tomorrow at the @avax Summit in NYC, I’ll be sitting down for a timely discussion with Giancarlo and fellow former SEC and CFTC commissioners @timmassad, Troy Paredes and Caroline Crenshaw.

Curious which types of crypto businesses you feel are hurt the most by the lack of Clarity? And by extension, what parts of the crypto economy will the US not get to partake in until there is a crypto law?

The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore. The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest. So clarity is coming to crypto regardless. And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it's for the best. Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system.