Democrats Split on Clarity Act as Crypto Bill Passes Key Senate Committee Vote

The Senate Banking Committee has voted to advance the Clarity Act, a key piece of cryptocurrency legislation, to a full Senate vote.

Senate Democrats splintered Thursday in their support of the Clarity Act during the crucial vote, with two pro-crypto members of the party voting for the landmark crypto bill, and all others voting against.

Sen. Ruben Gallego (D-AZ) and Angela Alsobrooks (D-MD) voted for the legislation, despite the fact both had indicated they would not do so unless a deal on language related to limiting President Donald Trump’s personal crypto ventures had been met by the time of today’s vote. No such deal has yet been reached.

During the Senate Banking hearing, all Republican committee members joined Gallego and Alsobrooks to support the bill, which now moves to the Senate floor for final consideration. If passed and signed into law by President Trump, the Clarity Act would formally legalize most crypto activity in the United States. 

This is a breaking story and will be updated.