Republicans Urge Democrats to Back Crypto Clarity Act Amid Regulatory Gridlock
Republican Senator Dave McCormick is urging Democrats to support the Crypto Clarity Act, a bill aimed at regulating the digital asset market. Speaking to Fox Business on Friday, McCormick emphasized that the time for delay is over and called for a vote in the Senate.
The bill has been stuck in limbo since last year, with various stakeholders raising concerns about stablecoin yield and ethics. A revised draft was circulated last week, which includes provisions banning officials and their families from issuing or promoting crypto.
Some Democrats have expressed criticism of the bill, including Senator Elizabeth Warren, who has accused it of allowing President Donald Trump to profit from crypto and benefiting criminals. However, major institutions such as Fidelity and Goldman Sachs, as well as crypto lobby groups and politicians, have supported the revised bill.