Democrats Push Back Against CLARITY Act with Counterproposal Ahead of Crucial Vote

Senate Democrats are pushing back against the CLARITY Act, which they claim doesn't go far enough in addressing concerns about crypto ethics. According to reports, Democrats are preparing a counterproposal ahead of tomorrow's cloture vote, scheduled for 2:15 pm. Senator Ruben Gallego is leading the charge with this proposal, which follows a meeting with Senate Minority Leader Chuck Schumer earlier today.

Despite President Trump agreeing to the ethics provision in the final CLARITY Act text, Democrats are still unsatisfied. They claim that the language is insufficient, especially when it comes to enabling state Attorneys General to enforce the provision. A coalition of Attorneys General led by New York's AG Letitia James has also opposed the latest CLARITY Act text, arguing that it will make it harder for states to take action against crypto fraud.

Senator Kirsten Gillibrand is pushing her colleagues to vote to advance the CLARITY Act tomorrow, despite Democrats' reservations about the final text. However, she faces strong opposition from senators such as Elizabeth Warren, who are actively pushing Democrats to vote against the bill. Some Republicans appear undecided on whether they will vote in favor of the CLARITY Act tomorrow.