Pro-Crypto Democrats Push Back on CLARITY Act Over Ethics, Illicit Finance Provisions
Summary
- Lawmakers in the U.S. Democratic Party who support cryptocurrencies are dissatisfied with the CLARITY Act's ethics provisions as well as clauses related to illicit finance and conflicts of interest.
- Democrats continue to object to the revised CLARITY Act released by Senate Republicans, arguing that its ethics provisions are insufficient.
- With even pro-crypto Democrats raising concerns about the current CLARITY Act, negotiations to secure the 60 votes needed for Senate passage are unlikely to be easy.
Forecast Trend Report by Period
Democratic lawmakers supportive of cryptocurrencies are dissatisfied not only with the CLARITY Act's ethics provisions, but also with language on illicit finance and conflicts of interest, according to Eleanor Terrett, host of Crypto In America.
Terrett wrote on X on July 22 that pro-crypto Democrats are unhappy with several parts of the current CLARITY Act, including its ethics provisions.
They have also raised concerns about provisions tied to illicit finance and conflicts of interest.
Democrats had already objected to a revised version of the CLARITY Act released by Senate Republicans, arguing that the ethics provisions were not strong enough.
The bill needs 60 votes to pass the Senate. With even pro-crypto Democrats voicing concerns about the current version, negotiations to secure those 60 votes are unlikely to be easy.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.