Crypto Bill Vote Looms as Passage Remains Uncertain

The Senate is set to vote on Tuesday afternoon on a crypto bill that has been revised by Republicans, but its passage remains uncertain.

The CLARITY Act text released late Sunday evening includes concessions on ethics and stablecoin yield, but neither goes as far as Democrats or the banking industry want.

State attorneys general will have enforcement power over bans on federal officials owning crypto interests, but federal officials can still move their assets into a blind trust without fully divesting them.

The bill also allows the Treasury secretary to watch for signs of bank deposit flight after 18 months and block yield on stablecoins if necessary, though it doesn't compel the Treasury to act.