CLARITY Act: Senate Banking Republicans Yet to Secure Full Support Ahead of Expected May Markup

In the latest CLARITY Act update, Senate Banking Republicans have yet to secure full support from all Republicans on the Committee, which is necessary as they look to at least advance the crypto bill along party lines. Senate Banking Committee Chair Tim Scott expressed optimism that he could soon secure full Republican support and that they could mark up the crypto bill in May.

Full Republican Support Still Missing Ahead of Potential CLARITY Act Markup

According to a Punchbowl report, Senate Banking Republicans have yet to secure full support from all Republicans on the Committee as they look to advance the crypto bill. The report highlighted Senator John Kennedy as one of the members of the Committee who continues to withhold their support for the bill.

This development comes as Senator Thom Tillis, who appeared to be a holdout among the Republicans, pushes for a CLARITY Act markup. Tillis said that he will ask Senator Scott to schedule a markup for the crypto bill once they return from their May recess.

However, full Republican support is key, especially as the Senate Banking Republicans may need to advance the crypto bill along party lines. Senator Scott, who is the Committee Chair, already signaled that he was ready to advance the bill on a partisan vote.

In a Fox Business interview today, the senator said he has now gotten Tillis and a couple of other votes on board for the CLARITY Act markup. He revealed that his goal is to secure 13 of 13 Republicans’ support before they proceed with the bill’s markup. It is worth noting that the senator had, before now, cited securing all Republicans’ support as one of the key hurdles to proceeding with a markup.

Optimism of a May Markup For The Crypto Bill

Senator Scott also mentioned during the interview that he is hopeful they will hold a markup for the crypto bill in May. This echoes Senator Cynthia Lummis’ statement earlier this week that they would hold this markup next month.

As CoinGape reported, the CLARITY Act faces an August deadline, when the Senate heads into a five-week recess ahead of the midterm elections. Senator Scott said that they will look to get the crypto bill to the Senate floor by June or July.

In addition to securing full Republican support, other issues, such as ethics and law enforcement concerns, pose hurdles to the CLARITY Act’s progress. Punchbowl reported that the Senate Judiciary Committee Chair Chuck Grassley is in active negotiations with Senator Lummis to address concerns from law enforcement groups about developer protections that could impede prosecutions.