Democrats Submit Counterproposal to Cryptocurrency Bill Ahead of Crucial Senate Vote
Senate Democrats have submitted a counterproposal to Republicans regarding the Digital Asset Market Clarity Act (DAMCA) just hours before a crucial Senate vote. The bill aims to provide clarity on cryptocurrency regulations and is scheduled for a procedural vote on Tuesday.
The Democratic response came after Senate Republicans circulated what they described as the final version of the bill, which incorporates 126 significant modifications, including tighter restrictions on cryptocurrency-related activities involving federal officials. President Donald Trump has backed the revised ethics provisions in the bill.
However, Democrats remain dissatisfied with how those restrictions could be enforced, arguing that it may make it difficult for state attorneys general to pursue legal action against senior government officials. A bipartisan group of state attorneys general also warned that the legislation could weaken states' existing authority to take action against cryptocurrency companies.