Senate Democrats Push Back Against Revised CLARITY Act Text

Senate Democrats are pushing back against the Republicans' revised CLARITY Act text, describing it as their 'last, best and final offer' to Democrats. The bill aims to regulate the crypto market structure.

The Senate Democrats met in minority leader Chuck Schumer's office on Monday to discuss their concerns with the latest bill text. Senator Mark Warner stated that a counterproposal is being prepared by Democrats who have been working on the bill in good faith.

The counterproposal comes ahead of a crucial Senate procedural vote on Tuesday, which will determine whether the Senate can advance the bill toward floor consideration. Some Democrats remain unsatisfied with crypto ethics language in the latest bill text.