On September 17, crypto journalist Eleanor Terrett reported that seven U.S. Democratic senators, including Kirsten Gillibrand, Mark Warner, Ruben Gallego, and Angela Alsobrooks, have expressed their commitment to advancing the CLARITY Act through bipartisan cooperation. According to three sources familiar with the matter, this statement comes as both parties are making preliminary attempts to restart negotiations. Stakeholders are assessing whether there is a willingness from both sides to return to the negotiating table and aim for the passage of the CLARITY Act by the end of this year.
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7 Democratic Senators Commit to Bipartisan Efforts for CLARITY Act Passage by Year-End
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Senate Banking Committee Chair: CLARITY Act Fails to Advance Due to Democratic Opposition, SEC and CFTC Should Establish Digital Asset Rules
On September 16, Tim Scott, Chairman of the Senate Banking Committee, stated that today, nearly all Senate Republican members voted in favor of advancing the CLARITY Act, but the motion ultimately failed to secure enough votes due to opposition from Senate Democrats. We have taken a step forward. Now, before Congress completes legislation, it is up to the SEC and CFTC to establish clear regulatory rules for digital assets. I remain focused on single mothers and Americans living in poverty, as I grew up in similar circumstances. I will continue to work to protect their hard-earned money and ensure the future of the financial industry remains in the United States. -
Galaxy CEO: CLARITY Act Fails Due to Bipartisan Ethical Disagreements, SEC and CFTC to Continue Regulatory Efforts
On September 16, Galaxy CEO Mike Novogratz stated, "The government seems to be paralyzed. Our industry has worked with both Democrats and Republicans for 18 months, yet the CLARITY Act has faltered just five yards from the finish line. All disputes, except for one issue, were resolved through hard negotiations. That issue is ethics. Both sides have held firm to their positions on ethics, ultimately deeming their stance more important than the long-term interests of a significant industry and the opportunity for the U.S. to lead in this sector. Republicans are concerned about imposing real restrictions on the President's ability to profit from digital assets; Democrats have decided to use this industry as a battleground in their fight against corruption. They worry about any actions that could be interpreted as showing a "soft stance" towards the President. Previously, there was a bipartisan proposal that could have resolved this issue, but it ultimately got caught up in political maneuvering. I am very disappointed that neither side was able to find a way across this divide. I know that with only seven weeks until the election, this has largely driven both parties' actions. However, what is truly perplexing is that I do not believe cryptocurrency and this bill will be among the top ten issues in this election. In 2024, yes, but this year's focus will be on war, inflation, cost of living, artificial intelligence, immigration, and which party can provide better solutions to these issues. Nonetheless, I still believe that the SEC and CFTC will continue to advance the development of regulatory rules for digital assets. I hope that over time, Congress will eventually find a way to formally legislate these rules, allowing market participants to build longer-term confidence in how digital assets will be regulated in the U.S. Perhaps Mitch McConnell returning to Congress in a wheelchair after a 90-day break is itself a rather ironic signal, further highlighting the predicament Congress is currently in. Tomorrow we continue to work. We keep building. -
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