GOP Support for CLARITY Act Exposed as Fractured

A recent amendment to the CLARITY Act reveals a more fractured Republican support for the bill than initially thought. The amendment, submitted by Senator Jerry Moran (R-Kan.), aimed to tighten stablecoin yield restrictions, a change requested by banking industry advocates and opposed by the crypto industry.

The amendment gained over a dozen co-sponsors, including seven Republicans, such as Senators Susan Collins (Maine) and Cindy Hyde-Smith. This level of GOP support makes it even more challenging for the bill to advance with the 60 votes needed.

This internal Republican disagreement went largely unnoticed during last week's failed vote on the CLARITY Act.