The Clarity Act may be delayed — for now — but pro-crypto senators remain committed to the fight.
And not just Republicans: Democratic Senator Angela Alsobrooks accompanied conservative “Bitcoin Senator” Cynthia Lummis in assuring voters that work was being done on the bill.
Lawmakers were hoping a crucial vote on the long-awaited crypto market structure bill was to go ahead before a five-week recess but news dropped Friday that it was too little, too late. Now, the Senate will vote on the bill in September.
“We’ve worked for over a year on a bipartisan basis to protect consumers, limit deposit flight, fight illicit finance, and include a fair deal on ethics,” Alsobrooks said in a statement.
Lummis, who had previously blasted Democrats for holding back the bill, added: “There will be a time where I can say more, but for now, let me say this, we’ve come too far to quit. I will continue working with my colleagues to get this done — this fight is far from over.”
Passed last year in the House of Representatives, the Clarity Act started small but its text has grown over the months.
This is partly because of banking lobby chiefs locking horns with crypto exchanges over concerns they pay customers too much yield with their stablecoin products. But Democrats also have wanted more work on the ethics side of the bill.
A bill banning government officials from promoting and making money was circulating among lawmakers in July though some lawmakers said it still fell short.
Lummis last week said she was genuinely “struggling to understand” what else Democrats wanted for the bill. Some suggested they may have been playing politics ahead of the midterms.
A number of Democrats have criticized the way the Trump family has profited from digital asset ventures, such as the President’s memecoin, $TRUMP, and World Liberty Financial project.
Trump and the White House have always denied any conflicts of interest, and the President has also highlighted that Democrats have cashed in trading stocks.