Crypto
Senate CLARITY Act Vote Fails Amidst Democrat Ethics Concerns
The CLARITY Act has stalled in the U.S. Senate after a failed vote on September 15, with Senator Cynthia Lummis attributing the defeat to Democratic opposition.
Lummis, speaking at CoinDesk's Policy & Regulation event on September 22, expressed her disappointment and dismay over the result, saying that Democrats allowed their opposition to President Donald Trump to override support for the crypto market-structure legislation.
The bill needed three-fifths support to advance to debate, but received only 49 votes in favor and 50 against, with one senator not voting. Democratic senators have given a different explanation, pointing to unresolved ethics provisions covering elected officials' crypto interests as the reason for their opposition.