Seven Democrats Refuse to Give Up on CLARITY Act After Senate Setback

The CLARITY setback is not fatal for crypto, but institutional participation could remain on the sidelines longer than expected, according to Trace Finance co-founder Bernardo Brites. The US Senate failed to advance the Digital Asset Market Clarity Act on Tuesday after a procedural vote fell short, 49-50. The vote required 60 of 100 senators to pass the bill and allow it to move forward. While the outcome was widely considered a major setback for the industry, seven Democratic senators said that it is “not the end.” Crypto’s Post-CLARITY Reckoning In an official statement, US Senators Kirsten Gillibrand (D-NY), Angela Alsobrooks (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), Mark Warner (D-VA), and Raphael Warnock (D-GA) said that Democrats have spent the last two years working to pass crypto legislation that would expand opportunity, protect consumers, punish bad actors, create regulatory certainty, and include strong, commonsense ethics provisions for elected officials. They added, “This week was a setback, but not the end of that important work. We remain committed to working in a bipartisan fashion to get this legislation passed.” The comment c...