CLARITY Act Stalls in Senate Despite Bipartisan Rewrite
A long-awaited US crypto market-structure proposal, known as the CLARITY Act (H.R. 3633), has stalled in the Senate after a final round of bipartisan negotiations broke down.
The bill failed to secure the 60 votes needed to invoke cloture on the motion to proceed with the legislation, preventing it from reaching the Senate floor.
The measure's failure is particularly damaging because several Democrats who had spent months working on the legislation opposed it. Sens. Kirsten Gillibrand, Mark Warner, Cory Booker, Raphael Warnock, Ruben Gallego, Angela Alsobrooks, and Catherine Cortez Masto all voted against moving forward.
The setback came despite a major rewrite released over the weekend that incorporated 126 substantive changes Democrats sought, as well as President Donald Trump's agreement to tougher restrictions on crypto-related financial interests held by senior officials.