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CLARITY Act Faces Senate Vote Today, But Poll Says Americans Don’t Care
The CLARITY Act faces a Senate vote today as banks continue to lobby against stablecoin yield, and division among Senators widens.
A new poll by POLITICO found that the average American voter cares little about crypto regulations, with only 4% saying their vote would be swayed.
The big day is finally here. The US Senate will vote on the CLARITY Act later today in what industry leaders say is a defining moment for crypto in the US and beyond. However, a new poll shows that most Americans may not care as much as their leaders about crypto regulations.
The Senate Banking Committee markup session for the bill is set to start at 10:30 AM Eastern Time (that’s 4:30 PM Central European Summer Time). However, the actual vote could happen hours later, depending on how extensive the amendments and the debate will be.
As we reported, the banking community has ramped up its opposition this week against crypto firms being allowed to pay yield. However, Republican Senators have stood firm against the banking ‘cartel,’ as one legislator described it.
Yesterday, members of the Senate Banking Committee were locked in a meeting late into the night seeking to find a consensus. However, according to journalist Eleanor Terrett, they could not strike a deal.
Commenting on the stalemate, Wyoming Senator Cynthia Lummis stated:
The big talking point between the two sides has been on an ethics provision that bars legislators and other politicians from enriching themselves through crypto. However. Terrett says that both Democrats and Republicans found some common ground on this issue. The provision that threatened this newfound partnership was the Blockchain Regulatory Certainty Act (BRCA), which protects non-custodial wallet operators from prosecution as money transmitters.
Terrett added:
Ripple, Aave, Coinbase Back CLARITY Act, But Do Americans Care?
The CLARITY Act has received overwhelming support in crypto circles, even from parties that had previously opposed certain provisions.
Ripple CEO said yesterday that the pace at which the Banking Committee is moving shows “incredible leadership.” He claimed that the company is backing the CLARITY Act “because [American investors] deserve the same rules and protections as every other asset class.”
Aave founder Stani Kulechov also voiced his support. In particular, he pointed out how important the Act will be for DeFi.
He stated:
Coinbase CEO Brian Armstrong also expressed the exchange’s support for the bill. In an interview with FOX Business yesterday, he said that once the bill passes, “we are all going to be able to work together a little bit more collaboratively.”
But while dozens of crypto leaders and lawmakers reiterate how important the bill is, a new poll claims that the average American does not care as much. A survey conducted by UK-based polling firm Public First and commissioned by POLITICO found that only 4% of voters would consider a candidate’s crypto stance in this year’s midterms.
While some used the study to dismiss crypto’s impact in the US, Sen. Lummis interpreted it as ‘crypto is important, but there are more pressing issues.’ She stated: