Schumer calls Senate Democratic caucus on CLARITY Act before Tuesday procedural vote

  • Chuck Schumer convened Senate Democrats before Tuesday's CLARITY Act procedural vote.
  • The CLARITY Act requires 60 Senate votes to advance toward broader consideration.
  • The Senate Banking Committee advanced the legislation 15-9 in May.

Senate Majority Leader Chuck Schumer has convened Democrats for a Sunday caucus meeting ahead of a Tuesday procedural vote on the CLARITY Act, which needs 60 votes to move toward broader Senate consideration. Negotiators remain divided over conflict-of-interest restrictions, stablecoin yield and other provisions despite months of talks and a fresh roughly 630-page draft released Thursday. The Senate Banking Committee previously advanced the bill in a bipartisan 15-9 vote in May, but its path remains uncertain because Democratic support is needed and some Republicans have objected to the stablecoin-yield language. Galaxy Digital CEO Mike Novogratz said negotiations continued through the weekend, while Senator Cynthia Lummis warned that failure to advance the bill could delay comprehensive crypto market-structure legislation for years.

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