U.S. Treasury Secretary Scott Bessent called Senate Democrats’ opposition to the CLARITY Act, a cryptocurrency market structure bill, « disappointing but not surprising. » Democratic senators, including pro-crypto voices like Angela Alsobrooks and Ruben Gallego, withdrew their support over concerns regarding ethics, developer protections, and illicit finance provisions. An ethics deal including the role of state attorneys general was reached between Republican Thom Tillis and Democrat Ruben Gallego. However, with only one week before the August recess and passage odds dropped to 27 percent, Republicans will need over 11 Democratic votes to pass the bill.
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