Senate is to vote on cryptocurrency regulation as Democrats push back on Trump investments
The 49-50 vote came after Democrats said the bill did not do enough to curb conflicts tied to Trump’s crypto holdings.
- 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.
108 Articles
108 Articles
Senate Fails to Advance Trump-Backed Crypto Clarity Act Bill
The Senate failed Tuesday to advance the Clarity Act, which is a cryptocurrency bill that would establish the first comprehensive federal framework for the industry. The Senate voted 49-50 against a motion to proceed with consideration of the Trump-backed Clarity Act, failing to reach the required 60-vote threshold, after all Democrats and a handful of Republicans voted against it.
Lummis blasts Democrats after Senate blocks cryptocurrency regulation she long touted
Wyoming’s junior senator said her Democratic counterparts ‘moved the goal posts’ after the bill’s backers met their demands. The post Lummis blasts Democrats after Senate blocks cryptocurrency regulation she long touted appeared first on WyoFile .
Senate to decide on cryptocurrency regulation as Democrats push back on Trump investments
The Senate is deciding whether to move forward with legislation to create a new regulatory framework for cryptocurrency. But the outcome of the vote Tuesday is uncertain, with Democrats saying the bill doesn’t do enough to rein in President Donald…
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.
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