Key Senate Democrats have begun mounting an impassioned case against passage of the Clarity Act in its current form, as the sprawling crypto bill enters a climactic final hurdle.
On Monday, Sen. Elizabeth Warren (D-MA) wrote a letter urging Senate leadership to ensure the Clarity Act includes language barring President Donald Trump and his family from profiting off the crypto sector. Such restrictions have not yet been added to the bill, even after filings revealed the president made over $1.2 billion on crypto ventures last year.
“The crypto legislation heading to the Senate floor must prevent the president, vice president, senior administration officials, members of Congress, and their families from profiting off the crypto industry,” Warren said. “Anything less would be a flagrant giveaway to the president and his family at the expense of the public.”
On Tuesday, several more Senate Democrats, including possible 2028 presidential contenders Chris Murphy (D-CT) and Chris Van Hollen (D-MD), are set to hold a press conference opposing the Clarity Act. The event is expected to underscore not only the president’s crypto dealings, but also how the bill would weaken financial oversight more broadly.
Industry stakeholders argue the Clarity Act, by legalizing most crypto activity in the United States, would increase regulation of the novel sector. But others argue the bill would substantially weaken financial regulations that have been in place since the wake of the Great Depression, by creating carveouts in those longstanding rules for blockchain-based assets.
The bill, which has been under consideration on Capitol Hill for over a year, now faces a do-or-die finale. Most players involved agree the bill must pass by Congress’ looming August recess, otherwise it will get bogged down by the looming November midterm elections and a possible change in control of the House and Senate.
That leaves less than four weeks to get the bill across the finish line, with several outstanding issues about its language still unresolved.
Further complicating matters is the shrinking number of Republicans active in the Senate. Mitch McConnell (R-KY) remains hospitalized after a health issue last month, and Lindsey Graham (R-SC) died suddenly over the weekend—though he is soon to be replaced.
The Clarity Act will require 60 votes in the Senate, which means seven Democrats, and possibly more, will need to support the bill.
On Monday, President Trump argued the Senate should pass the Clarity Act in honor of the late Graham, whom Trump called a “big supporter” of crypto legislation. Graham, however, was not directly involved in negotiations regarding the Clarity Act, and rarely spoke on the subject. Further, he was the only Senate Republican to co-sponsor the 2023 Digital Asset Anti-Money Laundering Act, which crypto groups attacked as “very anti-crypto.”
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