Ripple and Coinbase CEOs press Senate to advance CLARITY Act

The bill, intended to establish a federal framework for digital assets, has hit a wall of resistance from seven Democratic senators. Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego, John Hickenlooper, Mark Warner, and Raphael Warnock issued a joint statement arguing that the current text falls short on market integrity and illicit finance protections. Senate Banking Committee Ranking Member Elizabeth Warren further complicated the vote count, asserting that the proposal fails to sufficiently address conflicts of interest and national security concerns.

Supporters remain undeterred, viewing the measure as a critical bipartisan compromise. Brian Armstrong noted that after thousands of hours of negotiation, the framework is ready for a floor vote to resolve the current regulatory void. With the August recess approaching, the legislative window is narrowing. Proponents like Senator Cynthia Lummis have shifted their timeline, acknowledging that securing the 60 votes required to bypass procedural hurdles will require immediate resolution of the remaining disputes over enforcement and ethics provisions.