Gallego Slams CLARITY Act as Bipartisan Support Fades

Democratic Senator Ruben Gallego has expressed his dissatisfaction with the Trump-backed CLARITY Act, calling it 'not a serious effort.' The bill aims to establish a regulatory framework for digital assets, but its progress is hindered by bipartisan disagreements.

Gallego initially supported the bill in committee but now plans to work on a counterproposal with Republicans. The ethics provision added by Republicans appears to be a significant point of contention for Democrats.

The market pricing indicates a decrease in the likelihood of the CLARITY Act being signed into law by the end of 2026. This lack of bipartisan support may hinder the bill's passage, as it requires 60 votes in the Senate.