Senate Democrats Prepare Counterproposal to Revised CLARITY Act Text

Senate Democrats working on the crypto market structure bill are reportedly preparing a counterproposal to Republicans’ latest revised CLARITY Act text, even after GOP lawmakers described it as their “last, best and final offer” when they released it Sunday. According to Cointelegraph, Democrats working on the bill met in Senate Minority Leader Chuck Schumer’s office on Monday, and some lawmakers remain dissatisfied with the crypto ethics language in the latest version of the text. Senator Mark Warner said, “The Democrats who’ve been working on this in good faith are sending a counterproposal,” as he exited the meeting. The move comes ahead of a crucial Senate procedural vote on Tuesday, which will determine whether the Senate can advance the bill toward floor consideration.