CLARITY Act odds fall to 16% as key Democrats resist GOP’s ‘final’ offer
Banking groups also said the GOP’s final text leaves stablecoin reward loopholes, while tribal gaming interests warn that its prediction market provisions threaten tribal sovereignty.
The odds of the CLARITY Act becoming law this year dropped to 16% on Monday, falling from a 35% peak the previous day, as key Senate Democrats expressed dissatisfaction with the GOP's final cryptocurrency bill proposal. Banking and tribal gaming groups criticized the text, highlighting concerns over stablecoin reward loopholes and threats to tribal sovereignty, respectively.
Senate Democrats reportedly voiced concerns over the revised ethics provisions, with some preparing a counterproposal. The bill requires 60 votes for advancement, and failure could delay legislation that determines the division of crypto market oversight between the US Securities and Exchange Commission and Commodity Futures Trading Commission.
While some Democrats, like Senator Kirsten Gillibrand, have privately encouraged colleagues to support the bill, the resistance from Democrats and a coalition of state attorneys general increases uncertainty about the bill's chances of passage.
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