US Democrats Plan to Introduce Counterproposal to Republican "Revised" CLARITY Act

According to TechFlow, on September 15, citing Cointelegraph reporting on Politico, Senate Democrats involved in negotiations over US crypto market structure legislation are preparing to submit a counter-proposal to the latest revised text of the Republican-backed CLARITY Act. When Republican lawmakers released the new draft on Sunday, they dubbed it the “last, best, and final offer” to Democrats, but some Democrats remain unwilling to accept the current version.

Democratic lawmakers met on Monday in the office of Senate Minority Leader Chuck Schumer to focus on the bill's latest text. Reports indicate that some senators remain dissatisfied with the ethical provisions pertaining to the crypto industry and are hoping for further adjustments from Republicans. Senator Mark Warner stated upon leaving the meeting, “Democrats who have been working in good faith on this issue will submit a counter-proposal.”

The counter-proposal is expected to be delivered to Republicans several hours before the critical procedural vote on Tuesday. This vote will not decide whether the bill ultimately passes, but rather whether the Senate can formally advance the CLARITY Act into full chamber consideration and subsequent debate. Democrats' latest action means both sides have yet to reach a final consensus on the ethical provisions ahead of the vote.