Senate Lame Duck Session Could Decide Fate of Crypto Regulations
Senator John Cornyn expressed frustration over Texas Attorney General Ken Paxton's recent comments to donors, stating that the Republican Party's midterm convention in Dallas hurt his polling. Despite a significant amount of money spent on promoting Paxton, he trails Democrat James Talarico in the polls. The president is visiting Alabama and Oklahoma, but these states are not competitive in the midterms.
The Senate skipped town just before the final four-week sprint to Election Day, leaving Republicans facing tough reelections without a chance to campaign on passing legislation addressing affordability issues. Ohio Sen. Jon Husted's Ratepayer Protection Act fell short of being debated on the Senate floor due to a lack of Democratic support. The bill would incentivize state utility regulators to set standards for data centers not to pass along energy rate increases to residents and businesses.
Nebraska Sen. Pete Ricketts' bill to temporarily prevent lawmakers and their families from acquiring new stock also failed to break a filibuster. A bipartisan group of senators announced an agreement on permitting reforms, including regulations on data centers, that's expected to get a vote in the lame duck session. However, it may not pass through the House.
The Clarity Act, which would settle how digital assets are regulated, stalled in the Senate due to disagreements over whether crypto firms could pay stablecoin holders bank-like yields. Republican leadership pulled the plug just weeks before the midterms, and both sides blame each other for the bill's failure. The crypto industry is now attacking Democrats with ads worth $26 million against Sen. Sherrod Brown.