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Sen. McCormick urges a vote on the Crypto Clarity Act this week

The Clarity Act has faced a deadlock this year, amid concerns raised by banking leaders over stablecoin yield and ethics, along with a draft that would ban officials and their families from issuing or promoting crypto.

Reported · Written up by our desk · Market Structure

Republican Sen. Dave McCormick said lawmakers should bring the crypto market structure bill known as the Crypto Clarity Act to the Senate floor for a vote this week, arguing Democrats are seeking to delay passage.

McCormick said some Democrats want to avoid giving the bill a win and called for senators to be recorded publicly on the legislation, adding that the country needs clear rules to protect consumers while supporting digital asset innovation and jobs at home.

The bill has been under consideration since last year, but it has been in deadlock this year, in part because banking leaders raised concerns about stablecoin yield and ethics issues. A draft circulating last week would bar officials and their families from issuing or promoting crypto, an element some opposition lawmakers had previously criticized.

While the outlet notes bipartisan support exists, some Democrats have attacked the revised approach, including Sen. Elizabeth Warren, who has criticized it as potentially benefiting President Donald Trump and enabling criminal activity. The article also cites criticism of Trump family crypto business interests and says major institutions, including Fidelity and Goldman Sachs, along with crypto lobby groups, have said the revised bill works in its current form, according to Bitcoin Magazine.

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