Senate Votes on Clarity Act to Regulate Cryptocurrency Amid Trump Controversy
The Senate is on track to vote on the Clarity Act, landmark legislation that aims to regulate cryptocurrency and digital assets. The bill needs 60 votes to advance, which means some Democrats would have to join Republicans to move it forward.
A procedural vote is scheduled for Tuesday, and a new draft of the bill was released Sunday. The draft includes more guardrails for the largely unregulated world of digital currency.
The debate over the bill has been intense, with some Democrats insisting that it address President Donald Trump's crypto business ventures. They claim that Trump made over $1 billion on these ventures last year while in office.
Trump has publicly endorsed the industry and downplayed his involvement in family crypto dealings. However, some Republicans argue that the bill includes significant concessions, including provisions allowing state attorneys general to enforce the law.