CLARITY Act Stalls in Senate Over Ethics Fight
Coinbase's CLARITY Act has reached a critical point as it faces an ethics fight in the Senate. The act is set to undergo a cloture vote on September 15, which requires at least 60 votes to pass. Faryar Shirzad, Coinbase's policy chief, remains cautiously optimistic about the outcome.
Shirzad stated that while they do not assume all 53 Senate Republicans will back the CLARITY Act, Democratic votes are essential to reach the 60-vote threshold. He emphasized that clearing cloture is a crucial step towards full Senate consideration and eventual passage of the bill.
The ethics language tied to President Trump's crypto holdings has emerged as a significant hurdle for the bill's advance. Senate Democrats argue that the proposed ethics provisions fall short, while Republicans claim that the legislation already contains sufficient safeguards.