U.S. Senate Agriculture Committee Advances CLARITY Legislation Key Procedure with 12:11 Partisan Vote, Awaits Banking Committee Review

Odaily News The U.S. Senate Agriculture Committee has officially advanced the legislative process for the cryptocurrency market structure bill with a 12:11 partisan vote. This marks the first time the bill has made progress at the Senate committee level, signaling its entry into a new phase. However, as the vote was strictly along party lines and lacked Democratic support, the bill still faces significant hurdles for future passage in the full Senate. Committee Chairman, Republican John Boozman, stated that significant progress had been made after months of negotiations and it was time to move the process forward. But Democratic core negotiator Corey Booker criticized Republicans for withdrawing from negotiations and accused President Trump and his family of profiting from the crypto industry while attempting to push a regulatory framework lacking ethical constraints. Democrats on the committee unanimously opposed the current version but expressed willingness to continue negotiations to reach a bipartisan consensus.

The bill must still undergo review by the Senate Banking Committee, whose version has progressed slowly due to more contentious provisions involving stablecoin yields. The White House plans to convene another meeting next week to coordinate positions among the crypto industry, banking sector, both parties, and the administration. If the bill ultimately passes the Senate, it will be reconciled with the version that passed the House with a high vote count before being submitted to the President for signing into law. Analysis points out that as the midterm elections approach, the legislative window is narrowing. (Coindesk)