Senator Bernie Moreno clarified that CLARITY Act negotiations between Senate Democrats and Republicans had ended and that the upcoming vote, scheduled for September 15, will decide whether the industry will be delivered to China or continue to be dominated by America.
Key Takeaways
Senator Bernie Moreno declared CLARITY Act negotiations over, blaming Democrats for its potential failure.Some Republicans oppose the bill, fearing deposit flight could hurt community banks and farm loans.The bill needs 60 votes to pass, but unresolved ethics disputes make swaying enough Democrats unlikely.The debate in anticipation of the U.S. Senate discussion on the Digital Asset Market Clarity Act is nearing its end.
On social media, Moreno stressed that there was “absolutely nothing to ‘iron out.'” clarifying that an agreement was reached weeks ago and all parties to that agreement “would be expected to keep their commitments.”
Moreno pinned the responsibility for CLARITY’s failure on Senate Democrats, declaring that they would have to choose between handing the industry to China or embracing American exceptionalism to perpetuate U.S. industry dominance.
“It’s an easy choice if you love America!” he concluded.
While Moreno believes that all 53 Republican senators will vote in favor of the bill, some have voiced concerns about the effect of passing CLARITY on community banks.
Senators Jerry Moran and Josh Hawley, both Republicans, have publicly said they would oppose the CLARITY Act under its current form.
Moran also raised similar arguments against CLARITY, citing “consequences on the people who rely upon banks in small towns across Kansas” as the reason behind his newfound opposition.
