Senate CLARITY Act Negotiations Collapse Without Bipartisan Agreement; Republicans Move Forward Alone

According to Eleanor Terrett, Senate Banking Committee negotiations on the CLARITY Act ended without an agreement on May 14, as Democratic senators demanded provisions addressing conflicts of interest involving President Trump's family virtual assets and opposed amendments to the Blockchain Regulatory Certainty Act (BRCA).

Senator Cynthia Lummis stated that 99% of the bill has already been approved and that Republicans plan to advance it with only GOP support, warning that failure to pass the legislation could result in lawmakers being held accountable for future FTX-like incidents.