Senator Josh Hawley (R-MO) plans to vote 'No' on the Clarity Act, making him the first Republican to publicly oppose the crypto bill. Hawley's decision stems from concerns raised by banks about the legislation, according to a statement from his office. The move breaks with most of his party, which has largely backed the bill aimed at providing regulatory clarity for digital assets.
Why Hawley is voting no
Hawley's office said the senator's opposition is driven by feedback from financial institutions that worry the Clarity Act could create unintended risks. The bill, which has been a priority for crypto-friendly lawmakers, seeks to define when digital tokens are securities and when they fall under commodity rules. Banks have reportedly argued that the current draft could blur lines and complicate compliance. Hawley, a member of the Senate Banking Committee, has not released a detailed statement, but his planned 'No' vote signals a notable crack in Republican unity on crypto policy.
Coinbase CEO fires back
Coinbase CEO Brian Armstrong responded to Hawley's announcement on social media, criticizing the opposition. Armstrong argued that the Clarity Act is essential for American innovation and that blocking it would benefit foreign competitors. He did not directly address the bank concerns but urged lawmakers to support the bill. Coinbase has been one of the most vocal advocates for the legislation, which has been debated for months.
What comes next
The Senate is expected to vote on the Clarity Act later this month. Hawley's 'No' vote alone won't sink the bill, but it could encourage other Republicans to reconsider. The banking lobby's influence remains a wild card. For now, the crypto industry is watching to see if more defections follow — or if Armstrong's pushback can shore up support.
