Crypto▼ Bearish
Tom Emmer Frustrated Over CLARITY Act Delay in Senate
House Majority Whip Tom Emmer says the Senate has stalled the CLARITY Act for over a year. With opposition from Warren and banks, Polymarket odds have fallen to 21%.
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Tom Emmer, the House Majority Whip, is losing patience. The CLARITY Act, a bill designed to set clear rules for digital assets, passed the House more than a year ago with nearly 100 Democrats voting for it. The Senate has not taken it up. “They can’t seem to get it moved,” Emmer said.
Emmer has spent over five years pushing the legislation. He now argues the Senate is the only remaining hurdle. The bill has drawn sharp opposition from Senator Elizabeth Warren. She said the current draft contains five significant flaws. It would weaken investor protections and create gaps in securities regulation, she wrote. It also raises risks around illicit finance and taxpayer exposure. Warren flagged potential conflicts of interest involving the president and concerns over pension funds holding digital assets.
Beyond Warren, regional and community banks have pushed back. Their resistance could force amendments or further delays, even as a September 15 vote is expected. Polymarket odds on passage have fallen to 21%, a sign that traders see the path narrowing.