Clarity Act Nears Senate Vote as Republicans Seek Democratic Support

The Clarity Act is entering its final stretch in the Senate as Republicans seek Democratic support to advance the bill. To move forward, the bill needs at least 60 votes, which means that Senate Majority Leader John Thune could file cloture on a motion to proceed this week.

Seven Democratic senators have expressed concerns about the revised bill, citing issues with political ethics, consumer protection, illicit finance, market integrity, and decentralized finance. Senator Thom Tillis has been leading bipartisan negotiations over stronger ethics rules, but without an agreement, Republicans are unlikely to secure the necessary votes.

The National Fraternal Order of Police endorsed the revised Clarity Act after lawmakers addressed its concerns about the Blockchain Regulatory Certainty Act. However, this endorsement does not resolve broader disagreements over DeFi provisions and when a service should qualify as decentralized.