Gillibrand Seeks Clarity Act Advance Amid Democratic Split
Kirsten Gillibrand, chair of the Senate Democrats' campaign arm and one of her party's most consistent crypto advocates, is quietly lobbying her fellow Democrats to vote in favor of advancing a major cryptocurrency bill on Tuesday. The Clarity Act, which aims to establish clearer federal rules for digital asset markets, has become entangled with broader Democratic concerns about President Donald Trump's family financial interests in crypto.
A successful procedural vote would not pass the Clarity Act but signal that a bipartisan path exists for the bill. Roughly a dozen Democrats have signaled openness to supporting the bill and are weighing new text Senate Republicans released late Sunday, which alters sections Democrats had pushed to change.
Gillibrand's position sets her apart from a wing of her party that views the legislation as tilted toward the industry it would regulate. Sen. Elizabeth Warren of Massachusetts is leading opposition among Democrats who argue the bill amounts to a win for crypto companies and does not go far enough in addressing President Trump's family crypto ventures.
The Clarity Act has been making its way through Congress, with both Bitcoin (BTC) and Ether (ETH) experiencing sharp price swings based on headlines surrounding the legislation. A clean advance on the procedural motion would likely be read as constructive for both assets, while a stalled or failed vote could risk reviving selloffs seen during earlier setbacks in the bill's progress.