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Senate CLARITY Act negotiations blow up amid lack of bipartisan consensus; Republicans move forward alone
According to Eleanor Terrett, the Senate Banking Committee’s negotiations on the CLARITY Act ended on May 14 without reaching an agreement, as Democratic senators demanded the inclusion of provisions related to conflicts of interest involving President Trump’s family virtual-asset holdings and opposed amendments to the Blockchain Regulatory Certainty Act (BRCA).
Senator Cynthia Lummis said the bill already has 99% of its content approved. Republicans plan to advance the bill solely with GOP support, warning that if the legislation cannot pass, lawmakers could be held accountable for future incidents similar to FTX.