Senate Democrats Hold Opposition to CLARITY Act Vote Amid Ethics, AML Disputes
Summary
- U.S. Senate Democrats are maintaining that a procedural vote on the CLARITY Act will be difficult to pass.
- Democrats said there is broad agreement that the cloture vote will fail unless there is progress on ethics provisions, illicit finance, and stablecoin interest payments.
- They added that Democrats will not change their position based on political donations from the crypto industry alone.
Forecast Trend Report by Period
U.S. Senate Democrats are maintaining their opposition to advancing the CLARITY Act unless disputes over ethics rules, anti-money laundering provisions and stablecoin interest payments are resolved.
On August 4, Punchbowl News reporter Brendan Pedersen wrote on X that Senate Democrats broadly agree this week's cloture vote on the CLARITY Act will fail unless there is progress on ethics provisions, illicit finance and stablecoin yield.
Cloture is the procedure used to end debate and move a bill to full Senate consideration. It typically requires at least 60 votes to pass.
Pedersen added that Democrats will not change their position at this stage based on political donations from the crypto industry alone.
The CLARITY Act would establish a regulatory framework for the U.S. digital-asset market. Republicans and Democrats are still negotiating over ethics provisions, anti-money laundering rules related to decentralized finance, and stablecoin reward programs.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.