Lawmakers hope to pass a cryptocurrency market structure bill this week, but Democrats are holding things up, according to Senator Dave McCormick.
to talk The Republican senator told Fox Business on Friday that the vote should happen now.
“Democrats are starting to think: We don’t want to give them a win,” McCormick said.
Writing on X today, it is He added: “The time for delay is over. Bring the Clarity Act to the Senate floor for a vote and let every senator sign up. America needs clear rules that protect consumers and preserve digital asset innovation and jobs here at home.”
Lawmakers have been considering the Clarity Act since last year, which would define regulation of cryptocurrencies. The bill has been deadlocked this year, in part because bank chiefs have raised concerns about stablecoin returns and ethical concerns.
A new draft circulated last week prohibits officials and their families from issuing or promoting cryptocurrencies — something opposition lawmakers had previously objected to.
Now, GOP lawmakers are hoping for support from Democrats to pass the bill. There is bipartisan support for the bill although some lawmakers — such as Sen. Elizabeth Warren — have criticized the project. claim It will allow President Donald Trump to make money from cryptocurrencies, as well as benefit criminals.
A group of Democrats last week He coined A statement claiming that the bill in its current form is inadequate.
Major institutions, including Fidelity and Goldman Sachs, as well as cryptocurrency lobbyists and politicians, said the revised bill works in its current form.
Democrats — and some Republicans — have criticized President Trump’s business interests in cryptocurrency, with some claiming a conflict of interest as his family made money from cryptocurrencies and the decentralized finance protocol, World Liberty Financial.
Although the Trump family is heavily involved in cryptocurrencies, and the president won office after receiving support from major cryptocurrency entrepreneurs, the White House has always denied any wrongdoing on the president’s part.
