CLARITY Act Stalls Nine Votes Short of Advancing

The CLARITY Act is still nine Senate votes short of the 60 needed to move forward, putting the crypto market structure bill in a race against time before the Senate leaves for its August recess.

Republicans are pushing to bring the bill to the floor, but Democrats say the latest version still needs major changes before they can support it.

The seven Democratic senators who have publicly criticized the bill, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper, Mark Warner, and Raphael Warnock, pointed to ethics rules for elected officials, consumer protection, illicit finance, conflicts of interest, and market integrity as areas that need stronger provisions.

Republicans continue to push the bill forward, with Senator Cynthia Lummis defending the latest text and Senate Majority Leader John Thune committing to try to bring it to the floor before the August recess.