US Crypto Regulation Faces Backlash Before CLARITY Act Vote
Key Insights
- US crypto regulation faces resistance before Tuesday’s CLARITY Act cloture vote.
- Banks challenged stablecoin rewards despite a new Treasury intervention mechanism.
- State officials and developers raised separate enforcement and liability concerns.
U.S. crypto regulation faced renewed resistance Monday as lawmakers prepared for a key Senate vote on the CLARITY Act. Banking groups, state attorneys general and crypto policy advocates challenged different sections of the revised legislation.
Senate Republicans released their latest draft on Sept. 14 after making 126 changes requested by Democrats. The bill still requires 60 votes to advance when cloture ripens at 2:15 p.m. ET on Tuesday.
The remaining disputes now center on stablecoin rewards, state enforcement powers and developer liability. Those objections could determine whether Republicans secure enough Democratic support to move the bill toward floor debate.
U.S. Crypto Regulation Faces New Resistance Before Vote
Senators Cynthia Lummis, John Boozman and Tim Scott released revised text before the scheduled vote. Their Sept. 14 statement said the draft incorporated 126 substantive revisions requested by Democrats after months of negotiations. The senators described the package as their final compromise before the Senate acts.
