Media: Democrats Sent Republicans a Counterproposal on the CLARITY Act Ahead of the Vote

• Democratic senators have drafted a counterproposal to the CLARITY Act after the bill’s final text was published, Politico reports.
• One of the main sticking points remains restrictions on crypto business activities for senior officials.
• A procedural vote in the Senate will take place on September 15 at 9:15 PM Kyiv time.

Democratic senators sent Republicans a counterproposal on the CLARITY Act bill ahead of a key procedural vote. Politico reported this, citing sources familiar with the talks.

Details of the proposal had not been disclosed as of publication. Politico journalist Jasper Goodman also said Democrats discussed their next steps at a meeting in Senate Minority Leader Chuck Schumer’s office.

A new round of negotiations began after, on September 14, Senators Cynthia Lummis, John Boozman, and Tim Scott introduced the final version of the CLARITY Act. It included 126 changes proposed by Democrats, including new restrictions for officials tied to the crypto business.

However, some Democrats said the concessions did not go far enough. According to CoinDesk, the complaints primarily concern how the ethics restrictions would be enforced. 

In particular, Democrats are concerned that state attorneys general would not be able to directly initiate proceedings against the US president, and that the Office of Government Ethics could grant exemptions to individual officials.

Democratic Senator Mark Warner confirmed the party has prepared its own counterproposal. However, there is still no unified position within the caucus.

For example, Senator Kirsten Gillibrand, who was involved in work on crypto market legislation, is urging colleagues to support moving the CLARITY Act forward procedurally, according to Goodman. This would allow debate on the document to continue and amendments to be introduced after the vote.

At the same time, Senator Elizabeth Warren criticized the final draft. She called the proposed restrictions “a weak cover” and said they do not eliminate the potential for a conflict of interest for President Donald Trump in the crypto industry.

Lummis, by contrast, said that Republicans have already made significant concessions and do not intend to materially revise the document. According to her, the current version is the most the sides will be able to achieve in negotiations.

On September 15, the Senate will hold a procedural vote on advancing the CLARITY Act. For the initiative to succeed, it needs at least 60 votes, so Republicans will need support from some Democrats.

The bill itself establishes a federal framework for regulating the digital asset market and allocates authority among regulators. If the procedural vote succeeds, the Senate will be able to continue considering the initiative and move on to the next stages of its passage.

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