Senate CLARITY Act faces Democratic resistance as McCormick pushes floor vote
Crypto trade groups back the latest draft and Sen. Dave McCormick urges a floor vote, but Democrats and banks still object to Trump-linked ethics limits and stablecoin-yield provisions.
TRUMP
Summary
The U.S. Senate’s updated Digital Asset Market Clarity Act has gained support from major crypto trade groups and fresh backing from Sen. Dave McCormick, who said negotiations on ethics language should give way to a floor vote. The bill, which has already passed the House, would create a federal market-structure framework for digital assets, but it still faces resistance from Senate Democrats over Trump-linked conflict rules and from banking groups opposed to stablecoin-yield features.
Terms & Concepts
- CLARITY Act: Proposed U.S. legislation to create a federal market-structure framework for digital assets and clarify oversight responsibilities.
- stablecoin yield: Interest-like returns or rewards offered on stablecoin holdings, which banks say could draw money away from deposits.
- market structure: The legal and regulatory framework that determines how digital asset markets, intermediaries and oversight are organized.