Donald Trump · CLARITY Act · US Senate · Republicans · Democrats · CryptoSlate
CLARITY Act’s ‘final’ agreement is already breaking down before tomorrow’s Senate vote
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Opposition to the CLARITY Act widened on Sept. 14 as banks, Democrats, state attorneys general and developer advocates rejected key compromises.
Key facts
- The motion on H.R. 3633 is scheduled to ripen at 2:15 p.m
- Christopher Williston VI, president and CEO of the Independent Bankers Association of Texas, dismissed the new Treasury mechanism as a “meaningless nothing” and “a joke
- Elizabeth Warren, a crypto critic, are circulating arguments that the state enforcement power is weaker than Republicans portray, Punchbowl News reporter Brendan Pedersen reported
- Beyond Democrats' opposition, New York Attorney General Letitia James led a bipartisan coalition of 17 other attorneys general opposing the bill over its impact on state enforcement
Summary
01 Senate Republicans released a final CLARITY Act draft, but banks, Democrats, states, developers, and tribal advocates still oppose key provisions. 02 Tuesday’s cloture vote requires 60 Senate votes to open debate, testing whether 126 Democratic-requested changes can secure bipartisan support. 03 Critics say the compromise may weaken state enforcement, respond too late to deposit flight, and leave ethics and developer protections unresolved. The backlash came hours after Senate Republicans released what they described as their final version of the landmark crypto market-structure bill, incorporating 126 substantive changes Democrats requested and new provisions to resolve disputes over ethics, stablecoin rewards, developers and prediction markets.