CLARITY Act Hits Roadblock as Republican Senators Question Odds

The CLARITY Act, a significant piece of cryptocurrency legislation in the US, is facing an increasing risk of failure. Republican senators have expressed concerns that the bill may not have enough support to advance next week.

According to media outlet Semafor, there has been little progress on the key Democratic demand for stronger ethics language. The CLARITY Act already contains an ethics section in its Senate version, but this compromise has apparently failed to settle the dispute.

Sen. Mike Rounds of South Dakota claims that things do not 'look good' when it comes to the bill's odds of passage. Sen. Thom Tillis of North Carolina believes the bill will fail if there is no compromise, while Sen. Angela Alsobrooks of Maryland would not back the legislation without tougher ethics language.

The Senate had originally planned to move on the CLARITY Act earlier, but the delay has left lawmakers with less time to find a compromise. The upcoming midterms will soon take up all the attention, leaving only a 15% chance that the bill becomes law this year.