Crypto Industry Makes Final Push for CLARITY Act Ahead of Senate Vote
The Digital Asset Market Clarity Act (CLARITY Act) is set to face its first Senate floor vote on Tuesday, and the crypto industry is making a final push for its passage. The bill aims to provide clarity on which regulator oversees digital assets and bring token issuers and trading platforms under regulation.
According to Faryar Shirzad, Coinbase's top policy executive, the CLARITY Act meets every demand of Senate Democrats. He urged them to back the bill in the upcoming vote, saying 'Every one of those seven pillars is addressed in the legislation before the Senate.'
However, banking groups are pushing back on the bill's stablecoin yield provisions, arguing that its circuit breaker would act only after a significant deposit flight has already occurred. The New York Attorney General and a bipartisan group of 17 other attorneys general have also expressed opposition to the bill.