Senate Votes on Clarity Act Amidst Democrat Rejection of Final Draft

The US Senate is set to vote on cloture for the CLARITY Act, a bill aimed at regulating cryptocurrencies and decentralized finance (DeFi) in the country. However, Democrats have rejected the final draft of the bill, seeking more crypto ethics restrictions and changes to DeFi policy.

Katie Warbinton, spokesperson for Senator Cynthia Lummis, stated that Democrats 'have not budged an inch' during negotiations. Republicans claim that the latest draft is a compromise after over 120 changes requested by Democrats.

The bill needs 60 votes to proceed, and Republicans hold only 53 seats in the Senate. Failure to pass would likely sideline the CLARITY Act for the remainder of this Congress, given the narrow window before the midterms.