Senate Democrats' Clarity Act Promise Falls Flat With Industry

Seven Senate Democrats who voted against the Clarity Act on Tuesday said they still intend to pass crypto market structure legislation, but their statement has been met with skepticism by the industry.

The signatories, including Sens. Kirsten Gillibrand (D-NY), Angela Alsobrooks (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), Mark Warner (D-VA) and Raphael Warnock (D-GA), released a statement saying they remain committed to a bipartisan path.

However, investors, analysts, and legal scholars are interpreting their words as midterm positioning rather than a genuine attempt to revive the bill.

SEC Chair Paul Atkins and CFTC Chair Michael Selig have both stated that they will act without legislation, while a separate House panel approved the first federal crypto tax framework on the same day.