US Senate Stuck in Crypto Limbo as CLARITY Act Vote Looms
The US Senate is facing an uncertain outcome for the CLARITY Act, a landmark crypto market structure bill. Republicans rejected Democrats' latest counteroffer on Monday just hours before a critical procedural vote scheduled for Tuesday at 2:15 p.m. ET.
The Democrats' proposal sought stronger ethics provisions and narrower protections for some blockchain developers, while leaving relatively limited changes to the stablecoin rewards compromise. The Senate needs 60 votes to advance the bill, but Republicans control only 53 seats, making it uncertain whether they will secure enough support.
The rejection of the Democrats' counteroffer leaves lawmakers with little time to bridge their remaining differences before the vote. Senators Susan Collins and John Cornyn had yet to commit their support ahead of the vote, adding to the uncertainty surrounding the bill's passage.