Republican senators say the CLARITY Act may not have enough support to advance next week, with a key Democratic demand for stronger ethics language still unresolved. The bill's odds of becoming law this year now stand at just 15%. Sen. Cynthia Lummis says Democrats would bear responsibility for a collapse, and warns that failure could push comprehensive crypto regulation to 2030.
Republican senators are warning that the CLARITY Act, one of the most consequential pieces of cryptocurrency legislation in the United States, is facing a growing risk of failure. According to media outlet Semafor, there has been little progress on the Democrats' key demand for stronger ethics language. The CLARITY Act has been one of the crypto industry's biggest legislative priorities in Washington.
Senators expect the bill to fail
Sen. Mike Rounds of South Dakota has said the bill's odds of passage do not look good. Sen. Thom Tillis of North Carolina has said the bill will fail without a compromise, and Sen. Angela Alsobrooks of Maryland has indicated she will not back the legislation without tougher ethics language.
The Senate's latest version of the bill already contains an ethics section, but that compromise has failed to settle the dispute. Senate Majority Leader John Thune had previously said lawmakers intended to take up the bill after returning to Washington, but that delay left less time to find a compromise before the midterms consume lawmakers' attention. The CLARITY Act now has only a 15% chance of becoming law this year.
Lummis says Democrats would be responsible
Sen. Lummis, one of the Senate's most prominent cryptocurrency advocates, believes Democrats would bear responsibility if the legislation collapses. She said "If we can bridge those gaps, I'm confident we can pass Clarity", adding that a deal remains possible despite the pessimism.
Lummis has also warned that failure this year could mean no comprehensive crypto regulation until 2030.
Source: U.Today
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