Seven Democrats renew CLARITY Act push

• Seven Democratic senators have pledged to continue bipartisan talks on the CLARITY Act after a Senate setback.
• The Senate rejected a cloture motion on H.R. 3633 by 49-50 on September 15.
• The bill would create a federal framework for digital commodity markets involving the SEC and CFTC.

Seven Democratic senators have pledged to keep working on the CLARITY Act after its Senate vote failed.

The senators said the setback would not end bipartisan negotiations over the proposed crypto market framework.

“Democrats have spent the last two years working to pass crypto legislation that would expand opportunity, protect consumers, punish bad actors, create regulatory certainty, and include strong, commonsense ethics provisions for elected officials,” the senators said.

The seven senators are Kirsten Gillibrand, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, Mark Warner and Raphael Warnock.

The Senate rejected cloture on H.R. 3633 by 49-50, falling short of the 60 votes required to advance the measure.

The CLARITY Act would establish regulatory responsibilities for the Securities and Exchange Commission and Commodity Futures Trading Commission over digital commodity markets.

The senators later said, “This week was a setback, but not the end of that important work,” while reaffirming their commitment to bipartisan negotiations.