The Clarity Act, legislation that seeks to better define and regulate digital assets, faces a key test in the U.S. Senate on Tuesday. Senators will hold a procedural vote this afternoon to determine if the Digital Asset Market Clarity Act will undergo further deliberation.
The measure needs 60 votes to advance, requiring “yes” votes from at least seven Democrats and all 53 Senate Republicans. Sen. Elizabeth Warren, D-Mass., has been an outspoken critic of the legislation, saying it “fails to adequately protect investors, our financial system, and our national security.”
However, Republicans say the latest draft includes more than 100 revisions Democrats requested, including stricter ethics guidelines.