Source: Fortune
Summary
The Clarity Act, a bill that would create a U.S. regulatory framework for the crypto industry, is set to undergo a Senate committee markup. The bill has faced setbacks in the Senate Banking Committee due to disagreements over stablecoin rewards and ethics concerns related to the Trump family’s crypto involvement. Over 130 proposed amendments have been filed, including 44 from Sen. Elizabeth Warren. Despite progress, the bill still faces obstacles, and its passage is uncertain.
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The strategy enters a familiar phase.
The numbers tell a story of uncertainty, with over 130 proposed amendments and a thin margin for error. The Senate Banking Committee is expected to highlight national security and “Main Street” protection, while Democrats focus on ethics concerns related to President Trump’s crypto entanglements. The bill’s fate remains uncertain, with traders on Polymarket giving it a 60% chance of passing this year.
The compromise on stablecoin yield has become a point of contention, with bank lobbying groups criticizing the deal as too friendly to stablecoin companies.
The Trump family’s crypto involvement has become a major concern for Democrats, who are pushing for ethics guardrails to be included in the bill.
As the markup approaches, the bill’s chances of passing are uncertain, and it remains to be seen whether the Clarity Act will become law.
Washington is doing what it does best: making a simple bill complex.
Author: Evan Null
