Senate Democrats are drafting a counterproposal to the Republican-led CLARITY Act, a crypto market structure bill that GOP lawmakers last week labeled their “last, best and final offer,” according to Politico.
The Democrats’ move came after a Monday meeting at Senate Minority Leader Chuck Schumer’s office, where members working on the legislation discussed concerns over the bill’s current form. Sen. Mark Warner confirmed the effort as he left the gathering. “The Democrats who’ve been working on this in good faith are sending a counterproposal,” Warner told Politico.
Some Democratic lawmakers remain dissatisfied with the crypto ethics provisions included in the latest Republican text, sources familiar with the discussions said.
The counterproposal sets up a confrontation just before a crucial Senate procedural vote scheduled for Tuesday, which will decide whether the bill can move forward toward full Senate consideration. If Democrats insist on revisions, the GOP’s strategy of closing negotiations may be tested.
The CLARITY Act has already drawn opposition from state attorneys general, adding another layer of political friction ahead of the upcoming vote.
