David Schwartz, the former chief technology officer at Ripple, has given the languishing US Digital Asset Market Clarity Act a new, ironic nickname. He's calling it the 'DAM Clarity Act' — a pointed jab at the bill's stalled progress in Washington.
The nickname and its target
The Digital Asset Market Clarity Act was introduced to provide a clear regulatory framework for digital assets in the United States. But the legislation has been stuck in Congress for months, with no clear path forward. Schwartz's rechristening — 'DAM' as in a dam blocking the flow of clarity — underscores the frustration many in the crypto industry feel.
He didn't offer further comment on the bill's prospects. The act itself aims to define which digital assets are securities and which are commodities, a question that has long divided regulators and market participants.
Without a clear legal status, many crypto firms have struggled to operate in the US. Some have moved overseas. Others have faced enforcement actions from the Securities and Exchange Commission. The bill's supporters argue it would bring certainty and encourage innovation. But it's been stuck in committee, caught up in broader congressional gridlock.
Schwartz's nickname isn't official, but it's spreading through industry chatter. It captures a sentiment that the bill, despite its good intentions, has become a symbol of legislative inertia.
The Digital Asset Market Clarity Act remains in the House Financial Services Committee. No hearings or markups have been scheduled. Lawmakers are divided on key provisions, including how much authority the Commodity Futures Trading Commission should have versus the SEC. The bill's sponsors haven't publicly responded to Schwartz's jab. For now, the 'DAM' label sticks — and the bill stays stalled.
