Bipartisan negotiations over the long-awaited Crypto Clarity Act continue.
Earlier today, Republican and Democratic staff held a series of last-minute meetings to resolve some remaining disagreements before Congress begins its August recess. There is a glimmer of hope that lawmakers could reach a compromise on landmark digital asset legislation despite plunging odds.
According to Punchbowl News, congressional staff from both parties have spent the past 24 hours trying to iron out the remaining sticking points in the much-talked-about bill.
The renewed optimism follows Senate Majority Leader John Thune’s decision not to file cloture on the Clarity Act on Wednesday afternoon.
Thune granted negotiators several additional hours to continue discussions and potentially bridge differences that have prevented the legislation from advancing.
Congressional reporter Brendan Pedersen noted that the bipartisan talks have focused on resolving the remaining issues surrounding the bill.
The Crypto Clarity Act seeks to define the respective responsibilities of federal regulators.
It’s time to get people “on the record”
Sen. Cynthia Lummis (R-Wyo.) said she remains confident the Senate will vote on the Crypto Clarity Act before lawmakers leave for the August recess. Nearly a year of bipartisan negotiations has left little reason for further delays, according to the most pro-Bitcoin senator.
The chairwoman of the Senate Subcommittee on Digital Assets said lawmakers are likely to remain in Washington. “I don’t think we’ll be leaving on Friday. I think we’ll go into the weekend,” Lummis said. “There are other bills in addition to the Clarity Act that we need to take votes on before we leave for the August recess, and Clarity is one of those bills.”
The Wyoming senator said she expects the legislation to finally receive a floor vote after months of grueling negotiations.
“I do believe that we will get a vote on the Clarity Act and get people on the record after 11 months of negotiating with Democrats and adding 300-plus pages to the bill at their request,” she said. “It’s just time to get people on the record.”
Rare opposition from a Republican
Sen. Josh Hawley (R-Mo.) has become the first Republican to publicly oppose advancing the Senate’s crypto market structure bill in its current form, Politico reports.
Hawley said he is siding with constituents in Missouri. Local agricultural groups and local communities have voiced strong concerns that the legislation could harm smaller banks.
Be the first to comment