White House · CLARITY Act · US Senate · Democrats · Republicans · CoinDesk
Crypto Clarity Act barrels toward disappointment barring last-minute Senate turnaround
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The U.S. Senate hasn't yet locked down enough support for the Digital Asset Market Clarity Act to move toward passage as the clock ticks toward a planned Tuesday afternoon opening vote, with both Republicans and Democrats expressing frustrations with the other side's position.
Key facts
- Some hours remain before the 2:15 p.m. planned vote, and such legislative negotiations have been known to strike deals in the final seconds
- Jaret Seiberg, a policy analyst at TD Cowen, set the odds for a failure in the opening vote at 60%
- Fairshake, the leading super PAC, hadn't yet set its final election strategy, according to a person familiar with the planning, and nobody outside Fairshake has yet been briefed on how it'll deploy
- At an industry event in Washington on Monday, White House crypto adviser Patrick Witt said that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission both
Summary
No sign of a Clarity Act deal has yet emerged that makes a U.S. Senate win likely as the opening vote approaches on the market structure legislation. The U.S. Republican lawmakers released a version of the crypto market-structure legislation over the weekend and declared it their final offer. "Senate Democrats’ counter offer looks identical to their opening position at the start of recess," said Senator Cynthia Lummis, one of the leading Republican negotiators, that lamented that "Democrats have not budged an inch" even as Republicans "moved substantially on every front. "If Democrats are serious about reaching a deal, they need to start negotiating instead of resubmitting the same demands and calling it progress," Lummis concluded.