Senate Democrats involved in negotiations over U.S. crypto market structure legislation are preparing a counterproposal to the latest Republican revision of the CLARITY Act, according to Cointelegraph, which cited Politico. Republicans released the updated text on Sunday and described it as their "last, best, and final offer" to Democrats, but some Democratic lawmakers have not accepted the current version.
Democratic senators met Monday in the office of Senate Minority Leader Chuck Schumer to review the latest draft. The report said some lawmakers remain dissatisfied with the bill’s ethics provisions related to the crypto industry and want Republicans to make additional changes. Senator Mark Warner said as he left the meeting that Democrats who had been participating in the talks in good faith would submit a counterproposal.
The counterproposal is expected to be delivered to Republicans just hours before a key procedural vote on Tuesday. That vote would not determine the bill’s final passage, but rather whether the Senate can formally move the CLARITY Act forward to full floor consideration and debate. The latest Democratic move shows the two sides still had not reached final agreement on the ethics language before the vote.
Senate Democrats involved in negotiations over U.S. crypto market structure legislation are preparing a counterproposal to the latest Republican revision of the CLARITY Act, according to Cointelegraph, citing Politico.
Republican lawmakers released the new version of the bill on Sunday and described it as their "last, best, and final offer" to Democrats. Some Democrats, however, still are not willing to accept the current text.
Democrats met Monday to review the latest bill text
Democratic lawmakers involved in the talks met Monday in the office of Senate Minority Leader Chuck Schumer, with discussion focused on the latest draft of the legislation.
According to the report, some lawmakers remain unhappy with ethics provisions tied to the crypto industry and want Republicans to revise that section again. Senator Mark Warner said while leaving the meeting, "Democrats who have been engaging in this work in good faith will submit a counterproposal."
No final agreement before the procedural vote
The counterproposal is expected to reach Republicans just hours before a key procedural vote on Tuesday.
That vote would not decide whether the CLARITY Act ultimately passes. It would determine whether the Senate can formally advance the bill to full-chamber consideration and the next stage of debate. The Democrats’ latest move indicates the two sides still had not reached final consensus on the ethics provisions before the vote.
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