The US Senate is expected to vote soon on the Digital Asset Market Clarity (CLARITY) Act, a comprehensive bill to establish market structure rules for digital assets. Senate Majority Leader John Thune has reportedly said the chamber will consider a vote on the bill before Aug. 10. However, it is unclear whether the bill has enough Democratic support to pass, with a 60-vote threshold needed for approval.
Opposition to the Bill
Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen have spoken out against the bill, citing concerns over President Trump’s ties to the crypto industry. Murphy stated that the bill is “worthless” if it protects Trump’s dominance over the industry, and that it would be “a fundamental corruption” if it gives Trump’s corruption the protection of law. The lawmakers referred to Trump’s connections to the industry through his memecoin and family businesses.
Support and Pushback
Despite the opposition, the CLARITY Act has the support of two law enforcement organizations, the National Organization of Black Law Enforcement Executives and the Federal Law Enforcement Officers Association. The bill also has the backing of President Trump, who urged Senate members to pass the bill “in honor of” the late Senator Lindsey Graham. However, other lawmakers, including Senator Elizabeth Warren, have called for the legislation to address “brazen financial corruption” and have expressed concerns over the bill’s ethics provisions.
Vote Timing
The exact timing of the vote is not available on the Senate calendar, but it is expected to take place before the chamber breaks for a state work period on Aug. 10. Senator Cynthia Lummis, a proponent of the bill, has said that lawmakers will release the text of the bill “in the next few days”.
Based on reporting from crypto.news.
