Senate recess Friday leaves two days for CLARITY vote. Armstrong says 1 in 4 Americans hold crypto. Lummis says vote will happen despite Democratic opposition. Thune to hold vote before recess.
The Senate goes into recess at the end of business this Friday, leaving two days for the CLARITY Act to reach a floor vote. Senator John Thune, the Majority Leader, will hold a vote before the recess, Punchbowl News reported. Democrats described the move as pushing negotiations “into a ditch.”
Brian Armstrong, Coinbase CEO, said one in four Americans holds crypto and that passage of the bill is a priority for those voters. “American voters are 2x more likely to support a candidate that backs CLARITY, regardless of party preference,” Armstrong posted this week. “CLARITY isn’t only a win for crypto users. It’s a win for the future of America as a global leader for finance, innovation, and national security.”
Kristin Smith, president of Solana, said a motion to proceed is still possible. More than 3,000 letters have gone to the Senate through Clarity for America, plus over 1 million through Stand With Crypto, she said. Senator Cynthia Lummis, a crypto advocate, said she believes a vote will happen. The Senate could stay in session through the weekend, she added. Her goal is to get people on the record with a vote.
The holdup involves Senate Democrats aligned with the banking community. They have cited concerns about consumer protections, nefarious activities and threats to the banking industry. Those issues are addressed in the bill, its supporters say. The political dynamics are driven by the midterm elections and a potential Democratic flip of the House or Senate. Democrats see an opportunity to undermine the White House’s goal of passing crypto market infrastructure legislation, ethics language and the Trump family’s involvement in crypto are key sticking points.
At this point a vote may happen but passage may not. Republicans paint Democrats as obstructionists; Democrats claim a moral victory. If the bill fails this week, it could be reanimated in September when the Senate returns. Separately, the Securities and Exchange Commission and the Commodity Futures Trading Commission may pursue rulemaking on their own, but without legislation that rulemaking can be undone. A CLARITY Act delay risks US crypto lead, Haridopolos warns.
Senator Dave McCormick pushed for a vote. “It’s time to bring the CLARITY Act to the Senate Floor for a vote,” he said. “Enough of the obstruction and let’s pass this bill.”
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