Seven Senate Democrats Oppose Updated CLARITY Act Text

Seven Senate Democrats said the updated CLARITY Act still falls short, complicating the bill’s path to 60 votes before the August recess. According to BeInCrypto, Senate Republicans released the 616-page H.R. 3633 on Wednesday, adding ethics rules barring public officials from issuing or sponsoring digital assets for consideration and a law-enforcement section with stablecoin seizure powers. The bill would divide crypto oversight between the SEC and CFTC. Senators Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock said the draft still needs work, while six banking trade groups led by the ABA also sought changes.