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The Senate Agriculture Committee advanced its part of the CLARITY Act after a narrow party vote, reflecting how politically fragile the cryptocurrency market structure project is.
The committee passed the measure 12-11 on Wednesday, with no Democratic votes in favor, despite months of negotiations cited by Republican leaders.
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The “bipartisan” process ends with a party vote
Senate Agriculture Committee Chairman John Boozman opened the hearing by saying it was the culmination of months of… Party debates. He said the talks were “cordial and objective”.
But the final vote revealed a different story. All Democrats on the committee voted against moving the bill forwardwho carried it forward with only the support of the Republicans.
Only part of the bill was moved
Just covering today’s vote Jurisdiction of the Agriculture Committeewhich includes digital assets that are treated as commodities and the role of the CFTC.
This means that the committee has submitted Only part of the CLARITY Act. Key sections covering the SEC, token disclosure, stablecoins and decentralized finance remain unresolved elsewhere.
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Although the law advanced by the committee, it was not passed CLARITY LAW It still has to pass the Senate to become law.
The bill cannot reach the Senate floor until all relevant committees approve its parts. Today’s vote keeps the process alive, but does not guarantee its passage.
The lack of any Democratic support is the real warning sign
The CLARITY Act needs it 60 votes To pass in the Senate. Republicans just don’t have the numbers to make it happen.
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This means that Seven Democrats At the very least, they should ultimately support the project. Show today’s vote Complete lack of support for DemocratsThis presents a major political hurdle.
The real battle is still waiting
The most decisive step has not yet been taken.
I must take it Senate Banking Committee His position on his part of the project, which covers the most controversial issues. These include SEC jurisdiction, stablecoin rules, and DeFi opt-in language.
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Here too Coinbase withdrew its support and Democratic concerns and White House tensions emerged.
The CLARITY Act proceeded procedurally. But the result, which was in line with the party, makes it difficult to build the bilateral coalition necessary for a vote in the plenary session.
Without changes that attract Democratic support, BeinCrypto said the project is at risk of stalling further or being delayed until before the midterm elections in November.
Overall, the CLARITY Act moved forward today – but just barely.
The Senate Agriculture Committee’s vote revealed how politically fragile the bill is. Its fate now depends on whether lawmakers can bridge the divisions in the Senate Banking Committee before time runs out.
