The CLARITY Act faces a new fight over whether crypto companies must separate their conflicting businesses ahead of next week’s Senate vote.

Politico reported Thursday that vertical integration has become the latest sticking point in CLARITY Act negotiations.

In simple terms, it means crypto companies often run exchanges, brokerages, and trading firms all under one roof without the walls between them that traditional finance requires.

FTX’s 2022 collapse showed exactly why that matters, with the lack of separation between its exchange and a Bankman-Fried-controlled trading firm helping bring the whole thing down.

Democrats want the bill to force regulators to set minimum standards for these vertically integrated crypto companies,…