Donald Trump · CLARITY Act · US Senate · US Congress · White House · Democrats · CoinDesk
The Thursday vote of the Senate Banking Committee to advance the Clarity Act was, at the last moment
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"This process has been one of the most informative and challenging processes I've been through as a United States senator," Scott said after advancing the bill, saying he's confident that the parties will keep working on it to iron out the remaining issues.
Key facts
- The Thursday vote of the Senate Banking Committee to advance the Clarity Act was, at the last moment, secured in a 15-9 bipartisan vote after a maneuver to admit further amendments Chairman Tim Scott
- Cody Carbone, who heads the Digital Chamber, told reporters that striking a deal on that ethics provision is likely to get an eventual Senate vote beyond the 60-vote threshold that'll be needed
- The legislation now moves to a merger with a similar bill approved earlier in a party-line vote of the Senate Agriculture Committee
- The bill's last-minute momentum marked a significant win for Clarity Act advocates and the crypto industry
Summary
After a couple of hours of partisan sniping, the Senate Banking Committee managed a turnaround to get the crypto Clarity Act to a 15-9 bipartisan approval by the committee, which advances it to the next steps. Two Democrats voted in support, though many others are reserving their sentiment until important issues can be worked out, including law enforcement concerns and an ethics provision. The crypto industry's primary goal in Washington has taken a major step forward, with the passage of the Digital Asset Market Clarity Act through a Senate committee process that's been held up for four months. The Thursday vote of the Senate Banking Committee to advance the Clarity Act was, at the last moment, secured in a 15-9 bipartisan vote after a maneuver to admit further amendments Chairman Tim Scott had earlier rejected, winning some last-minute Democratic support as a result.