Democrats Counter GOP's CLARITY Act with Fresh Proposal Ahead of Senate Vote
Senate Democrats are pushing back against the Republicans' latest revised CLARITY Act text with a counterproposal, despite GOP lawmakers describing it as their 'last, best and final offer'. According to Politico, Democrats working on the crypto market structure bill met in Senate Minority Leader Chuck Schumer's office on Monday. The counterproposal comes ahead of a crucial Senate procedural vote scheduled for Tuesday.
Some Democrats remain unsatisfied with the crypto ethics language in the latest bill text, which has been a point of contention throughout the process. Senator Mark Warner told Politico that the Democrats who have been working on the bill 'are sending a counterproposal'. The move is seen as an attempt to sway the outcome of the Senate vote.
The CLARITY Act aims to provide clarity and regulation in the cryptocurrency market, but its passage has been met with opposition from various stakeholders. On Monday, state AGs expressed their concerns about the bill ahead of the key Senate vote.