Cardano founder Charles Hoskinson criticized Ripple CEO Brad Garlinghouse for supporting the Senate’s Clarity Act draft, warning it gives too much control to the SEC and stifles crypto innovation. Garlinghouse, on the other hand, sees it as progress despite flaws and believes clarity is crucial for the industry’s success. The bill aims to divide crypto regulation between the SEC and the CFTC, but its current draft treats all cryptocurrencies as securities by default, prompting backlash from industry leaders like Hoskinson and Coinbase CEO Brian Armstrong. The debate centers on whether imperfect regulations now are preferable to ongoing uncertainty. The Senate Banking Committee postponed a vote on the bill to address concerns, with both sides lobbying for changes.

Read more at Yahoo Finance: ‘You’re Handing Keys To The SEC’