The U.S. Senate is scheduled to hold a key procedural vote on the CLARITY Act at 2:15 p.m. on Sept. 15, with the measure needing 60 votes to move into formal debate. According to Crypto in America, Republicans have already made 126 substantive changes to the bill in response to Democratic demands, covering ethics provisions, protections for software developers, and a stablecoin deposit "circuit breaker" mechanism, and have labeled that draft the "last, best and final" text.
Even so, Democrats put forward a counterproposal on the eve of the vote, seeking tighter limits on large crypto holdings, stricter blockchain oversight provisions, and tougher rules around exchange conflicts of interest. Patrick Witt, executive director of the White House crypto council, said he felt "good" about the vote but added that the outcome would depend more on political maneuvering than on the policy itself. At the same time, eight banking trade groups, including the American Bankers Association, continue to oppose the bill, while the White House Council of Economic Advisers has released a new tool to challenge industry claims that stablecoins would drain bank deposits.
The U.S. Senate is set to hold a key procedural vote on the CLARITY Act at 2:15 p.m. on Sept. 15, according to Crypto in America. The bill needs 60 votes to advance to formal debate.
Republicans have already made 126 substantive revisions to the legislation in response to Democratic requests. Those changes cover ethics provisions, protections for software developers, and a "circuit breaker" mechanism for stablecoin deposits, among other items. Republicans have described that version as the "last, best and final" text.
Democrats submitted a counterproposal before the vote
Even with those revisions, Democrats introduced a counterproposal on the eve of the vote. The new demands call for tighter restrictions on large crypto holdings, stricter blockchain regulatory provisions, and tougher rules on conflicts of interest involving exchanges.
Patrick Witt, executive director of the White House crypto council, said he felt "good" about the vote. He also said the final outcome would depend more on political maneuvering than on the policy itself.
Banking groups remain opposed
At the same time, eight banking industry groups, including the American Bankers Association, continue to oppose the bill. They argue that the current stablecoin yield provisions contain loopholes.
The White House Council of Economic Advisers has also released a new tool aimed at rebutting the banking sector's argument that stablecoins would lead to deposit outflows.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
