BY SRH
Senate Republicans on Tuesday failed to collect enough votes to invoke cloture and launch floor debate on a comprehensive cryptocurrency bill.
The Digital Asset Market Clarity Act, which would provide a broad regulatory framework for cryptocurrencies and other digital asset classes, has been languishing in the Senate for months.
The bill passed the Banking Committee in May, but has been held up on the floor as leaders try to round up the 60 votes needed to conclude discussion and move it toward final passage. It took at least seven Democrats to overcome the filibuster.
The proposal was defeated in the upper chamber 49-50.
Sen. Thom Tillis (R-N.C.) changed his vote from “yea” to nay” at the last minute.
Sen. Cynthia Lummis (R-Wyo.), one of Washington’s most vocal advocates for crypto, claimed the Clarity Act “is not a partisan bill. Democrats got over 100 separate concessions out of it and made up half of the bill’s 630 pages.”
Those against the proposal, Lummis argued, are doing a disservice to the United States.
“This is a vote against the consumer protections that American families are counting on,” Lummis stated on the Senate floor immediately before the vote.
“It’s a vote to give the future of financial innovation to a foreign competitor, which surely won’t be dumb enough to throw away this opportunity to lead our global digital economy and bring this industry and the good-paying jobs it creates to our country.
Senate Majority Leader John Thune, R-S.D., called on his colleagues to take up the motion, noting that the Senate passed last year’s GENIUS Act on a bipartisan basis.
“It would give clear rules of the road while encouraging innovation to happen right here in America,” Thune said on the Senate floor.
Democratic politicians and the financial industry have sought a number of adjustments.
A bipartisan group of Democratic senators has been trying for months to get tougher ethical language to prohibit the president and his family from cashing in on crypto.
“This bill will turbocharge President Donald Trump’s ability to suck billions and billions of dollars out of the crypto market,” Sen. Elizabeth Warren (D-Mass.) stated on the Senate floor on Sept. 14, at a time when Americans around the country are struggling with an affordability crisis.
Banks say they cannot support the law unless it includes a fix for interest-style payouts on stablecoins. They warned that the payments could encourage customers to shift regular bank deposits into higher-yielding crypto accounts.
(The Mark) Global control over all money will be feasible if all currency is digital. You will be unable to purchase or sell anything (a house, gas, or electricity for your vehicle, anyone?), until you submit to the will of the authorities in charge. People are so naive. Vaccine passports were used for trials of this during the plandemic.
The beast system is coming together. Get ready folks. All metrics and data point to it.
