CLARITY Act Progress Stalled

The U.S. Senate held a procedural vote on H.R. 3633, the CLARITY Act. According to current on-site reports, the progress of the bill has been stalled at 50-49.

The crucial threshold this time is 60 votes. The Republicans have 53 seats; even with full support, at least 7 votes from Democrats or independent members are needed. If two or three Republican members oppose, the bipartisan support needed would increase to 9 to 10 votes.

Previously, during the Senate Banking Committee phase, only two Democratic members, Gallego and Alsobrooks, supported the advancement of the bill.

From negotiations before the vote, the main disagreements are concentrated in three areas.

First, the restrictions on the encryption interests of public officials have not yet been agreed upon.

Democrats want to set enforceable constraints on public officials like the president and related family interests. The new version has added asset disposal requirements and granted state attorneys general some ethical enforcement authority, but Democrats still question whether these provisions can directly constrain the president and whether there are exceptions allowing officials to retain encryption business interests.

Second, stablecoin yields touch on banks' deposit interests.

Institutions like community banks are concerned that the interest, yields, and rewards of stablecoins will attract deposits away, thus affecting local lending capacity.

The new version proposes to take restrictive measures after deposit outflows, but the banking industry believes that intervening after significant deposits have already left still does not provide enough protection. This also introduces uncertainty regarding the support of some Republican members.

Third, developer liability and enforcement authority still have multiple conflicts.

How much protection DeFi developers should receive and which platforms need to bear regulatory responsibilities are contentious issues. Meanwhile, 18 state attorneys general, including those from New York, have jointly opposed the existing text, fearing the bill would undermine their power to combat encryption fraud under current laws.

Gambling organizations are demanding further restrictions on prediction markets offering sports event contracts. Different organizations wish to modify different provisions.

At this point, the likelihood of the CLARITY Act being realized by 2026 is already very low.

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