Crypto CLARITY Act advances despite Democratic rift on presidential crypto ban; bipartisan talks continue before committee markup.
The Crypto CLARITY Act is moving forward in the US Senate despite internal disagreements among Democrats.
Lawmakers continue negotiations as bipartisan efforts remain active. The debate now centers on ethics rules tied to presidential crypto involvement.
Bipartisan Talks Continue on Crypto Market Structure
Senator Kirsten Gillibrand has expressed confidence in the progress of the Crypto CLARITY Act.
She stated that senators from both parties have worked together for months. These efforts focus on building a clear framework for digital asset regulation.
Gillibrand noted that two Senate committees are handling different parts of the bill. The Senate Agriculture Committee oversees commodity related crypto matters.
The Senate Banking Committee manages securities and banking oversight.
She explained that cryptocurrencies often fall between existing regulatory categories. This division allows both committees to review relevant areas.
Lawmakers believe this approach supports better coordination between regulators.
Committee Delays and Legislative Timeline
The Senate Agriculture Committee is scheduled to review the CLARITY Act on January 27.
The vote will focus on provisions under the Commodity Futures Trading Commission. This step is part of the broader legislative process.
The Senate Banking Committee has postponed its markup hearing. It was initially planned for January 15. Reports suggest the hearing may move to late February or March.
Lawmakers also face uncertainty due to the approaching government shutdown deadline. These delays have slowed progress. However, negotiations continue behind closed doors.
Democratic Push for Presidential Crypto Restrictions
Ahead of the committee vote, Democrats introduced ethics-related amendments.
These proposals target potential conflicts involving senior government officials. The focus remains on presidential crypto activity.
Senator Michael Bennet introduced the Digital Asset Ethics Act. The amendment would restrict crypto involvement by the president and members of Congress.
Democrats argue this step is necessary for ethical clarity.
Republican leaders have acknowledged the disagreement. Senate Agriculture Committee Chair John Boozman stated, “Although it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better.”
The CLARITY Act still requires 60 Senate votes. Republicans will need Democratic support to move the bill forward.
Related Reading: CLARITY Act Enters Critical Phase Ahead of Senate Action January 27
Vote Threshold and Senate Outlook
The CLARITY Act requires 60 votes to pass the Senate. Republicans will need support from at least seven Democrats. This makes internal party agreement important.
Republican leaders have acknowledged the disagreement over ethics rules.
Senate Agriculture Committee Chair John Boozman stated, “Although it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better.”
Despite the rift, lawmakers continue negotiations. The bill remains active on the Senate calendar. Both parties are expected to revisit the issue as committee work progresses.
Source: https://www.livebitcoinnews.com/crypto-clarity-act-gains-momentum-despite-democratic-rift-on-presidential-ban/
