US Crypto Legislation: Life-or-Death Vote! Two-Party Feud Escalates Over the “Clarity Act”
On September 15, the Trump administration threw its full weight behind lobbying Senate Republicans to advance the landmark crypto bill, the “Clarity Act,” in a bid to ease concerns from the banking industry.
That same day, the White House launched an interactive calculation tool using multi-scenario modeling to argue that the expansion of stablecoins will not cause a massive outflow of community bank deposits, thereby addressing allegations that stablecoin rewards would trigger deposit flight.
But the bill faces stiff resistance: ✅ Republicans are divided internally. Senator Cornyn of Texas believes the revised text still fails to address the core concerns of community banks, and he does not rule out voting against it. At least 60 votes are needed to move the bill forward. The bill will also divide responsibility for crypto oversight between the SEC and the CFTC. ✅ On the Democratic side, multiple lawmakers have criticized the bill’s ethical provisions as insufficient, saying it does not impose strong enough constraints on the Trump family. Senators such as Ossoff are still not certain about their voting positions.
The crypto industry is going all in. Political PAC Fairshake has poured in tens of millions of dollars to support campaigns—among funds directed to Democratic candidates, more than $30 million has already been allocated. The market now awaits the Senate vote results.
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