Senate Republicans on Wednesday released a 616-page version of the so-called Clarity Act cryptocurrency regulation bill, the first major legislative effort to oversee the digital asset industry. While crypto advocates welcomed the measure, Democrats quickly signaled opposition over what they called weak ethics provisions tied to President Trump’s crypto holdings, raising doubts about the bill’s path forward in the Senate.
The legislation, which combines earlier versions passed by the Senate Banking and Agriculture committees, drew strong support from the crypto industry. Advocates praised the retention of software developer protections and said the bill would deliver long-sought regulatory clarity to help the U.S. lead in digital assets.
Crypto Council for Innovation CEO Ji Hun Kim called bipartisan support “critical,” while Solana Policy Institute CEO Miller Whitehouse-Levine urged Congress to “seize the moment.” Coinbase CEO Brian Armstrong said the lack of a federal framework had allowed bad actors like FTX to harm consumers and pushed much of the industry offshore.
However, several Senate Democrats have said this latest draft does not do enough to address their concerns.
“The Republican-proposed text of the CLARITY Act as it currently stands falls short," Sen. Angela Alsobrooks said in a statement late on Wednesday. "Key provisions including those addressing ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity must be strengthened."
