Clarity Act Vote Looms as Democrats Reject GOP's Final Draft

With one day remaining before a crucial procedural vote on the comprehensive cryptocurrency bill known as the Clarity Act (CLARITY Act) in the U.S. Senate, internal Democratic opposition has emerged against the Republican-proposed final amendment.

Saturday's report from Brendan Pedersen of Punchbowl News cited Senator Mark Warner (D-Va.) stating that he "doesn't think the ethics provision is near enough" regarding the Clarity Act, according to his post on X. Warner has been one of the key Democratic negotiators in the Clarity Act negotiations.

Earlier, Republicans had released their proposed amendment to the Clarity Act, claiming it incorporated 126 major changes requested by Democrats and calling it a "last, best and final" offer. The amendment strengthens restrictions on digital asset business conflicts of interest for the president, vice president, federal legislators, federal judges, and their spouses, while also including provisions granting certain enforcement powers to state attorneys general.

It was reported that former President Donald Trump had reportedly accepted approximately 80% of the enhanced ethics provisions proposed by Senators Tom Tillis (R) and Ruben Gallego (D). However, Democratic senators continue to voice concerns that the ethics provisions remain insufficient.

Eleanor Terrett of Crypto in America noted on X that a group of Senate Democrats are expected to meet this evening to discuss strategy on the Clarity Act and coordinate on a counterproposal to the text Republicans released last night, despite GOP claims it is their "last, best and final" offer. The meeting will reportedly also coordinate an alternative proposal to address the Republican amendment.

The procedural vote on the Clarity Act is scheduled for September 15 (U.S. time), which will determine whether the bill moves forward to full debate in the Senate chamber rather than passing the bill itself. A supermajority of 60 votes out of 100 senators is required for passage, but Republicans currently hold only enough seats to reach that threshold without Democratic support.