Several key Democratic lawmakers who are expected to vote for the crypto market structure bill have raised concerns about the latest draft of the Clarity Act, saying it 'falls short' on ethics and other issues. The criticism comes as the bill moves closer to a floor vote, potentially complicating its path to passage.
Ethics concerns at the center
The lawmakers, whose support is considered crucial for the bill's passage, did not specify which ethics provisions they found lacking. But their statement suggests the current language doesn't go far enough to address conflicts of interest or transparency in crypto markets. The Clarity Act is designed to create a federal framework for digital asset regulation, a priority for many in the industry.
A delicate balance
The bill has already undergone several revisions to win over both industry advocates and consumer protection groups. The latest draft was seen as a compromise. But these Democratic lawmakers — who are broadly in favor of the legislation — are signaling that more work is needed. Their concerns could force another round of negotiations before the bill reaches the floor.
It's unclear when the bill will be scheduled for a vote. The lawmakers' comments add uncertainty to a process that has already taken months. For now, the ball is back in the committee's court. If the ethics issues aren't resolved, the bill could lose the bipartisan support it needs. The committee is expected to release a revised draft in the coming weeks, though no date has been set.
