Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act

Senate Democrats, led by Senator Ruben Gallego, have released a statement urging their Republican counterparts to collaborate with them on the CLARITY Act. The senators noted that the crypto market structure bill won’t pass if there is no mutual understanding between both sides in the Senate.

Senate Democrats Release Statement On CLARITY Act

In a press release, Senator Ruben Gallego, alongside 11 other Senate Democrats, called on Republicans to agree to a bipartisan authorship process as is “the norm for legislation of this scale.” They further stated that they hope their Republican counterparts will agree to reasonable requests to allow for true collaboration, given their shared interest in moving forward on the crypto legislation.

These Democratic Senators alluded to their CLARITY Act framework, which they released last week, claiming it signaled their desire to work on the crypto bill. They again reiterated that digital assets are a $4 trillion global market that will “require a considered and bipartisan approach to regulation.”

The senators added that for the process to work, it must start from a place of “mutual understanding” and that they look forward to engaging with their Republican counterparts in such a manner. Notably, the framework they released last week contained seven pillars, which the senators declared that any market structure legislation should include.

The pillars focus on the spot market for non-security crypto assets, the legal status of digital assets, and the regulator jurisdiction, incorporating digital asset issuers and platforms into the regulatory framework. Furthermore, they focused on preventing illicit finance, corruption, and abuse, and ensuring fair and effective regulation.

Market Structure Bill Has A “Good Chance” Of Passing

In an X post, Coinbase CEO Brian Armstrong stated that the CLARITY Act has a good chance of becoming law and that he has never been this bullish. He further described the market structure bill being passed as a “freight train leaving the station.”

His statement followed a roundtable in DC between crypto executives and U.S. lawmakers. The CEO of the top crypto exchange noted that the collaboration is how stakeholders ensure that the crypto industry can be built in America while driving innovation and protecting consumers.

He added that the CLARITY Act will also ensure that the industry never has another Gary Gensler trying to take away investors’ rights. The market structure bill clearly spells out the regulatory powers of the SEC and other regulators like the CFTC.

Meanwhile, Cardano founder Charles Hoskinson, who attended the roundtable, also said that they are making great progress on the crypto legislation. However, he admitted that there is still a lot of work to do.

Crypto commentator Paul Barron also indicated that discussions regarding the CLARITY Act are progressing well. In an X post, he remarked that his DC connections said the crypto legislation is “moving very fast in the right direction.”