US Senate Set to Vote on Bipartisan Crypto Regulation Bill
The US Senate is set to vote on Tuesday on the Digital Asset Market Clarity Act, also known as the CLARITY Act. The bill aims to establish a regulatory framework for cryptocurrencies and other digital assets.
After more than a year of bipartisan negotiations, Senate Republicans have released a revised version of the 635-page bill that includes 126 substantive changes requested by Democrats. The updated text addresses concerns over ethics rules, stablecoin rewards, and banking protections.
Senate Republicans have described the revised bill as a bipartisan compromise, urging Democrats to support it. However, some Democrats remain opposed, citing unresolved concerns about consumer protection and the need for further changes.
The bill has been met with mixed reactions from industry executives and banking groups. Coinbase CEO Brian Armstrong expressed confidence in the legislation, stating that regulation will emerge regardless of the vote. Meanwhile, the American Bankers Association and nearly 80 other banking organizations continue to oppose the current version, warning that weak protections could threaten community-bank deposits and local lending.
The Senate is scheduled to vote at 2:15 pm ET on cloture for the motion to proceed, which requires 60 votes. If the bill passes this procedural step, it will still need to be amended and passed by the full Senate before being sent to the House of Representatives.