Senate is to vote on cryptocurrency regulation as Democrats push back on Trump investments
The 600-page bill would set the first national crypto rules and faces Democratic resistance over ethics limits on Trump and other officials.
- Republicans need 60 votes to advance the CLARITY Act on Tuesday, with legislation determining how the Securities and Exchange Commission and Commodity Futures Trading Commission divide crypto market oversight. Odds of passage fell to 16% on Monday.
- Negotiations stalled Monday after Democrats sent a counterproposal to Republican negotiators. Senator Mark Warner dismissed the revised ethics provision as not "near enough," reflecting broader Democratic skepticism of the "final" Republican proposal.
- Senator Raphael Warnock said Democrats should not advance legislation failing to address corruption occurring "in real time." Senator Ruben Gallego noted the offer left "much to be desired," while 18 state attorneys general oppose the bill.
- Tribal and banking groups challenged the text, arguing proposed decentralized finance changes fail to address prediction markets and deposit interest loopholes. Conversely, Blockchain Association CEO Summer Mersinger urged senators to vote yes, citing industry concessions.
- Republican Senator Cynthia Lummis stated President Donald Trump accepted two significant ethics provisions, asserting there was "nothing left to give" Democrats. This impasse leaves uncertainty whether Republicans can secure necessary votes for advancement.
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The US Senate will vote on the comprehensive cryptocurrency regulation bill, dubbed the Clarity Act, on Tuesday. The fate of the legislation is uncertain, as it is highly doubtful whether it will gather the sixty votes needed to proceed with the procedure.
Clarin
Independent EspañolThe Senate will vote on a regulatory framework for cryptocurrencies, with Democrats sceptical about Trump's crypto earnings and lack of ethical safeguards.Trump accepted some concessions, but Democrats demand more, as a blind trust for their cryptoactives. Support is sought to advance in the Senate.
US Senate to vote on Clarity Act, decide fate of landmark crypto bill — All we know
The US Senate will vote on the Clarity Act, aimed at creating a regulatory framework for cryptocurrency. Despite industry support and investment, it remains uncertain if the bill will secure the necessary votes amidst concerns from Democrats and banking sectors.
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