CLARITY Act crypto bill faces Senate gridlock

The CLARITY Act crypto bill faces likely Senate failure due to ethics disputes and partisan gridlock, with just a 15% chance of passing this year before the midterms.

The CLARITY Act, a key cryptocurrency bill in the United States, is encountering major hurdles in the Senate ahead of a critical procedural vote set for September 15. Republican senators caution that the bill is likely to fail, citing unresolved disputes over ethics provisions, especially those targeting conflicts of interest involving the president and their family members. Senator Cynthia Lummis has called on her colleagues to support the bill, emphasizing its consumer protections and warning that failure could push digital-asset innovation overseas. However, Democratic senators are insisting on stricter ethics clauses, causing bipartisan negotiations to stall. The crypto industry, which strongly backs the bill, is preparing for increased political spending as the legislative window narrows. With only a 15% chance of passage this year, the CLARITY Act's future remains highly uncertain as lawmakers struggle to reach a compromise before the midterm elections.