Summary
- Sen. Elizabeth Warren said the crypto market structure bill (the CLARITY Act) is “not ready yet.”
- Warren said amendments are needed now to help bring down prices and correct economic imbalances.
- The Senate Banking Committee is set to hold a vote on whether to send the CLARITY Act to the full Senate.
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Sen. Elizabeth Warren said the CLARITY Act, a crypto market structure bill, is “not ready yet.”
CoinDesk reported on May 14 that Warren made the remarks during the Senate Banking Committee’s markup of the CLARITY Act.
“Many families across the US are struggling right now,” Warren said. “We should be working on amendments that help bring down prices and fix economic imbalances immediately.” Instead, Congress is spending time on legislation the crypto industry wrote for itself, she added.
Warren also criticized crypto businesses tied to President Donald Trump’s family. She said the US Securities and Exchange Commission should investigate those ventures. Warren and other Democrats want the CLARITY Act to include provisions to prevent conflicts of interest involving senior public officials.
The Senate Banking Committee began its markup of the CLARITY Act at 11:30 p.m. Korea time on May 14. A markup is the stage in which a congressional committee conducts a final review before sending a bill to the full chamber.
The committee is also scheduled to vote on whether to advance the CLARITY Act to the full Senate. The panel has 13 Republicans and 11 Democrats. The bill needs at least 13 votes to clear the committee.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
