The Senate Agriculture Committee has superior its portion of the CLARITY Act on a slim, party-line vote, reflecting how politically fragile the crypto market construction invoice stays.
The committee handed the measure 12–11 on Wednesday, with no Democrats voting in favor, regardless of months of negotiations cited by Republican management.
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A “Bipartisan Course of” Ends in a Celebration-Line Vote
Senate Agriculture Committee Chairman John Boozman opened the markup by calling it the fruits of months of bipartisan discussions. He mentioned talks had been “cordial and substantive.”
Nonetheless, the ultimate vote informed a distinct story. Each Democrat on the committee voted in opposition to advancing the invoice, sending it ahead with Republican help solely.
Solely One Piece of the Invoice Truly Moved
Right this moment’s vote coated solely the Agriculture Committee’s jurisdiction, which incorporates digital property handled as commodities and the function of the CFTC.
This implies the committee superior only one slice of the CLARITY Act. Key sections coping with the SEC, token disclosures, stablecoins, and DeFi stay unresolved elsewhere.
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Regardless of advancing out of committee, the CLARITY Act has not handed the Senate and is much from turning into legislation.
The invoice can not attain the Senate ground till all related committees approve their parts. Right this moment’s vote retains the method alive however doesn’t safe passage.
Zero Democratic Help Is the Actual Warning Signal
The CLARITY Act wants 60 votes to go the Senate. Republicans don’t have the numbers to do this alone.
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Which means no less than seven Democrats should finally help the invoice. Right this moment’s vote confirmed zero Democratic backing, highlighting a serious political hurdle.
The Actual Battle Nonetheless Lies Forward
Probably the most consequential step has but to occur.
The Senate Banking Committee nonetheless should act on its portion of the invoice, which covers essentially the most controversial points. These embody SEC authority, stablecoin guidelines, and DeFi compliance language.
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That is additionally the place Coinbase withdrew help and the place Democratic issues and White Home tensions have surfaced.
Advancing out of Agriculture offers the CLARITY Act procedural momentum. However the party-line final result makes it more durable to construct the bipartisan coalition wanted for a ground vote.
With out modifications that entice Democratic help, the invoice dangers stalling additional or being pushed nearer to the November midterms.
General, the CLARITY Act moved ahead at the moment — however solely barely.
The Senate Agriculture Committee vote uncovered how politically fragile the invoice stays. Its future now hinges on whether or not lawmakers can bridge divisions within the Senate Banking Committee earlier than time runs out.