Cynthia Lummis · CLARITY Act · Republicans · Democrats · CoinDesk
Inside the last-minute political breakdown that doomed the Clarity Act vote
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Senator Cynthia Lummis' disappointment was already palpable the day before the U.S. Senate shot down the Digital Asset Market Clarity Act.
Key facts
- Senator Cynthia Lummis' disappointment was already palpable the day before the U.S. Senate shot down the Digital Asset Market Clarity Act
- So the Democrats, even those like Senator Kirsten Gillibrand that had pushed for the crypto bill since its beginnings, jumped ship, leaving a meager showing of 49 votes in support
- When an earlier version of the bill was about to clear an important milestone in the Senate Banking Committee, Coinbase CEO Brian Armstrong walked away from the bill in opposition of its treatment
- But Democrats were already rebuffing it and coming out with more demands
Summary
Both Republicans and Democrats are accusing each other of throwing last-minute wrenches into the Clarity Act works. The meager tally of yes votes for Clarity throws the effort into a tailspin, though some hold out hopes of an end-of-year, last-ditch strategy. Senator Cynthia Lummis' disappointment was already palpable the day before the U.S. Senate shot down the Digital Asset Market Clarity Act. Lummis, who is retiring soon, knew by then that things were going badly. From the other side, the Democrats saw legislation that they argued was substantially similar to what was already on the table and still let Trump evade real responsibility for conflicts of interest in controlling a crypto empire while also steering its oversight.