Senate Majority Leader Chuck Schumer has called a Sunday evening meeting of the Senate Democratic core group to discuss a new draft of the CLARITY bill that was circulated by Republican senators on Thursday, according to Odaily, citing Bitcoin.com News. The draft reportedly includes more than 100 changes said to have been proposed by Democrats.
The Senate is set to vote on Tuesday on whether to move forward with cloture on the bill or abandon the push altogether. Democratic senators remain divided over ethics provisions, while community banks are opposing rules tied to stablecoin yield. Based on the report, most Democratic senators are expected to vote against advancing the measure.
President Donald Trump discussed new wording for the ethics provisions with advisers on Friday. Democrats are asking that public officials sell their existing crypto holdings. If all 53 Republican senators back the bill, at least seven Democrats would still need to support opening debate on Tuesday. The report also said some Republican senators oppose the current stablecoin yield provisions.
Senate Majority Leader Chuck Schumer has convened a Sunday evening meeting of the Senate Democratic core group to discuss a new version of the CLARITY bill that Republican senators circulated on Thursday, according to Odaily, citing Bitcoin.com News.
Tuesday vote will decide whether the bill advances
The draft includes more than 100 changes that were reportedly proposed by Democrats. The Senate is scheduled to vote on Tuesday on whether to proceed with cloture on the bill or drop the effort entirely.
Objections remain on both sides
Democrats are still split over the ethics provisions, and community banks are also opposing rules related to stablecoin yield. Most Democratic senators are expected to vote against the measure.
President Donald Trump discussed new wording for the ethics provisions with advisers on Friday. Democrats are calling for public officials to sell their existing crypto assets.
If all 53 Republican senators vote in favor, the bill would still need support from at least seven Democratic senators on Tuesday to move into debate. The report added that some Republican senators also oppose the current stablecoin yield provisions.
The report cited Bitcoin.com News as the source.
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