Senate to Vote on CLARITY Act Amid Bipartisan Disagreements

The Senate is set to hold an initial vote on the CLARITY Act before its August 7 recess, despite slim chances of full passage.

Procedural hurdles and bipartisan disagreements have stalled the bill's momentum, with Democrats and some Republicans raising concerns over ethics negotiations.

A recent version of the agreement released by Senators Cynthia Lummis (R-Wyo.) and Bernie Moreno (R-Ohio) was deemed too weak by Democrats and at least one Republican, Senator Thom Tillis (R-N.C.).

Industry figures such as SkyBridge Capital founder Anthony Scaramucci and Aave founder Stani Kulechov have voiced support for the CLARITY Act, but it remains nine votes short of the 60 needed to advance in the Senate.