Exclusive / Senate Republicans say crypto bill likely to fail
Senate Republicans introduced a revised version of the CLARITY Act to secure Democratic support for a procedural vote on September 15. The updated text includes stricter ethics rules that Donald Trump has reportedly accepted, requiring him to divest or use a blind trust for any significant financial interest in cryptocurrency issuers. While Republicans describe this as their last and best offer, the bill still requires 60 votes to advance. Uncertainty remains regarding whether enough Democrats will support the legislation despite the concessions on ethics, DeFi, and stablecoins.
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- ✓ The CLARITY Act requires 60 votes to advance in the Senate.
- ✓ Senate Republicans released a revised draft of the cryptocurrency legislation on Sunday, September 14.
- ✓ The updated bill text addresses Democratic concerns regarding ethics provisions.
What changed
Republicans released a revised draft of the bill featuring new ethics requirements agreed to by Donald Trump.
Live updates
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Republicans release revised CLARITY Act text ahead of September 15 vote
Senate Republicans introduced a revised version of the CLARITY Act to secure Democratic support for a procedural vote on September 15. The updated text includes stricter ethics rules that Donald Trump has reportedly accepted, requiring him to divest or use a blind trust for any significant financial interest in cryptocurrency issuers. While Republicans describe this as their last and best offer, the bill still requires 60 votes to advance. Uncertainty remains regarding whether enough Democrats will support the legislation despite the concessions on ethics, DeFi, and stablecoins.
Why it matters
The bill aims to establish a market structure for cryptocurrency regulation. A previous stalemate occurred because Democrats demanded ethics provisions covering the president and his family. Community banks have expressed concern that stablecoins with higher yields could drain customer deposits.
What is confirmed
- The CLARITY Act requires 60 votes to advance in the Senate.
- Senate Republicans released a revised draft of the cryptocurrency legislation on Sunday, September 14.
- The updated bill text addresses Democratic concerns regarding ethics provisions.
Still unconfirmed
- Community banks fear customers will move deposits into stablecoin assets to seek higher yields.
What to watch next
- The result of the September 15 procedural vote.
- Confirmation of Democratic support for the revised ethics language.
confidence 90%Sources used for this update (7)
- www.wealthmanagement.com — As Senate Crypto Vote Approaches, Industry Weighs Uncertain Future
- U.Today — BTC, XRP, ETH: Republicans Introduce New Version of Key Crypto Bill
- www.cnbc.com — Trump agrees to ethics requirements in crypto Clarity Act as GOP seeks Democratic votes
- www.yahoo.com — US Senate Republicans release new crypto bill text ahead of critical vote
- www.pbs.org — Republicans say Trump agreed to new ethics rules to get crypto bill across the line
- www.baltimoresun.com — The future of crypto regulation is at stake in the Senate | EDITORIAL
- decrypt.co — Why Trump Backed Tougher Ethics Rules in Clarity Act, and Why the Crypto Industry Thinks It Can Pass
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Senate Republicans warn CLARITY Act likely to fail on September 15
The bipartisan CLARITY Act faces a likely defeat when the Senate returns next week. Republican senators, including Thom Tillis and Mike Rounds, indicate the bill may fail its September 15 procedural vote due to a stalemate over ethics language. Democrats are demanding provisions that cover the president and his family. While Senator Lummis suggests ethics issues alone will not kill the bill, she warns the market structure legislation could stall until 2030 if Democrats block it. Industry efforts to save the bill include a planned ad blitz and lobbying by Ripple's legal chief.
Why it matters
The CLARITY Act is a bipartisan effort to establish a market structure for cryptocurrency. It requires 60 votes to advance in the Senate. A failure to pass could leave the crypto market without a clear federal regulatory framework for years.
What is confirmed
- Senate Republicans state the CLARITY Act is likely to fail when the Senate returns next week.
- The bill faces a procedural vote on September 15 and requires 60 votes to advance.
- Democrats are demanding ethics language that covers the president and his family.
Still unconfirmed
- Senator Lummis warned the crypto market bill may stall until 2030.
- Ripple's legal chief is attempting to secure Democratic votes to save the legislation.
- Crypto advocates are preparing an advertising campaign to support the CLARITY Act.
What to watch next
- The results of the September 15 procedural vote.
- Any movement from the White House on the requested ethics language.
- Confirmation of Democratic support or opposition prior to the vote.
confidence 90%Sources used for this update (8)
- Semafor — Exclusive / Senate Republicans say crypto bill likely to fail
- Punchbowl News — Crypto prepares pro-Clarity Act ad blitz
- CryptoRank — Senator Lummis: CLARITY Act Won’t Fail Over Ethics, But Democrats Could Kill It
- Bitbo — Lummis Warns Crypto Market Bill May Stall Until 2030
- Moomoo — BREAKING: Senate Republicans say the bipartisan crypto market structure bill (CLARITY Act) is likely to fail when the Senate returns next week. The hang-up is a Democratic demand for ethics language covering the president and his family, with little moveme
- Bitcoin News — Ripple's Legal Chief Chases Democratic Votes to Save the CLARITY Act
- www.yahoo.com — CLARITY Act Faces Senate Defeat Next Week as GOP Senators Warn Ethics Deal Is Stalled
- news.bitcoin.com — Republican Senators Say CLARITY ACT Passage Odds Aren't Looking Good
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