U.S. Senators Struggle for Bipartisan Support on Crypto Clarity Act
U.S. senators lament failure to win bipartisan support, yet, on crypto Clarity Act
Coindesk
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U.S. Senators are facing challenges in achieving bipartisan support for the Digital Asset Market Clarity Act during a Senate Banking Committee hearing. Key negotiators acknowledge that only about 1% of the bill remains unresolved, but significant partisan divides persist, particularly among senior Democrats who criticize the legislation's impact on securities laws.
- 01The Senate Banking Committee is struggling to find bipartisan support for the Digital Asset Market Clarity Act.
- 02Senator Cynthia Lummis stated only 1% of the bill remains unresolved to achieve bipartisan agreement.
- 03Senior Democrats, including Elizabeth Warren, are vocal critics of the bill, citing risks to investor protections.
- 04The hearing reflects ongoing partisan divides, with Republicans supporting the bill while Democrats express significant concerns.
- 05The process will continue as lawmakers seek to address remaining issues before advancing the bill to the full Senate.
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During a recent Senate Banking Committee hearing, U.S. Senators expressed frustration over the lack of bipartisan support for the Digital Asset Market Clarity Act. Republican Senator Cynthia Lummis, a key negotiator, indicated that only about 1% of the bill's details remain to be resolved for bipartisan backing. However, the hearing highlighted a significant divide, particularly among senior Democrats like Elizabeth Warren, who criticized the bill for potentially undermining securities laws that protect investors. Warren argued that the legislation could expose American consumers to fraud and jeopardize their pensions. The hearing also saw Republicans defending the bill, asserting it addresses concerns about decentralized finance (DeFi) and consumer protections, which currently lack federal oversight. Despite the challenges, the committee aims to move the legislation forward, with ongoing negotiations expected to tackle the remaining issues before it can advance to the full Senate for a vote.
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The outcome of the Clarity Act could significantly influence the regulatory landscape for cryptocurrencies in the U.S., affecting investors and consumers alike.
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