Clarity Act Vote Looms as Senate Grapples with Crypto Legislation
The Senate will vote on the Clarity Act today at 2:15 p.m. ET, requiring 60 votes to advance the bill.
The bill has undergone over a year of negotiations and five years of attempts by Congress to pass comprehensive crypto market structure legislation.
Yesterday, Senate Republicans released updated text that they claim makes major concessions on ethics, software developer protections, and the Ag title, while adding a new 'circuit breaker' aimed at addressing concerns about stablecoin yield driving deposit flight from community banks.
Democrats responded with a counteroffer late Monday, seeking tighter restrictions on large crypto holdings, dependent children, and paid crypto promotions, as well as further changes to the Blockchain Regulatory Certainty Act and Ag title.