White House · Donald Trump · CLARITY Act · US Senate · Democrats · The Block
‘Decisive turning point’: Crypto industry cheers Clarity Act’s progress as ethics questions linger ahead of next vote
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In a whirlwind of events during the Senate Banking Committee's vote to advance landmark crypto legislation on Thursday, the cryptocurrency industry is celebrating, ethics talks are continuing to progress, and some are criticizing the push as the bill now barrels toward a full Senate vote in the coming weeks.
Key facts
- During a Senate Banking Committee markup earlier in the day, lawmakers voted 15-9 to advance its version of a crypto market structure bill
- The DeFi Education Fund, which has been advocating for the BRCA, said the legislation isn't perfect, noting Section 301, which seeks to write Bank Secrecy Act-type rules for DeFi
- Crypto Council for Innovation CEO Ji Kim called the vote a "decisive turning point
- Blockchain Association CEO Summer Mersinger said the vote was a "defining moment
Summary
During a Senate Banking Committee markup earlier in the day, lawmakers voted 15-9 to advance its version of a crypto market structure bill. Ethics in particular has become a big make-or-break issue for Democrats on whether they will support the bill amid concerns of President Donald Trump and his family's crypto ventures. During the markup, Gallego said that if the ethics piece was not resolved, language that would prevent the president, vice president, and other federal officials and their families from making certain financial transactions involving digital assets — he will vote no in the future when the bill goes to the Senate floor.