CLARITY Act Talks End as Senate Faces Showdown Over US Industry Dominance
Senator Bernie Moreno has declared that negotiations for the CLARITY Act have ended, citing Democrats' role in its potential failure. The bill's passage is now dependent on a cloture vote scheduled for September 15, which will determine whether the digital asset market remains dominated by America or shifts to China.
Moreno believes all 53 Republican senators will vote in favor of the bill, but some have expressed concerns about its impact on community banks. Senators Jerry Moran and Josh Hawley have publicly opposed the CLARITY Act under its current form due to fears that deposit flight could hurt small towns' ability to secure loans.
The legislation requires 60 votes to pass, which is unlikely given the unresolved ethics disputes with the White House related to President Donald Trump's crypto endeavors. Moreno has emphasized that Democrats will have to choose between supporting American exceptionalism or handing the industry to China, stating 'it's an easy choice if you love America!'