Senate Whip Barrasso Backs Crypto Clarity Act

Senate Majority Whip John Barrasso is throwing his support behind the Crypto Clarity Act. Speaking to the Senate on Thursday, Barrasso reminded his colleagues that passing the Genius Act last year proved Congress can work together on digital assets. He argued that the Senate needs to build on that success by passing the Clarity Act now.

Time is running out for lawmakers to secure a vote before a five week recess. Republican lawmakers have criticized Democrats for slowing down the process, pointing to debates over ethics rules and stablecoin yields. The updated bill includes a ban on government officials and their families issuing or promoting crypto, yet disagreements remain.

Despite the hurdles, some lawmakers remain optimistic. Senator Tim Scott and Senator Cynthia Lummis both expressed confidence that a vote could still happen before the break, even if it means staying a couple of days extra. Traders should keep a close eye on Washington developments over the coming days to see if the Senate reaches a deal.