Key Democrat Voted Against Crypto-Friendly Clarity Act — Market Talk
Sen. Kirsten Gillibrand (D., NY) voted no on a measure to advance the Clarity Act, a piece of legislation backed by President Trump that would boost the cryptocurrency industry. The measure was ultimately defeated 49 to 50. Gillibrand was the Democrat that Republican Sen. Cynthia Lummis (Wyo.) has been leaning on in her arguments that the bill had bipartisan support. The senators introduced legislation together in 2022 to try to establish a framework for digital assets. Lummis praised Gillibrand at a conference on Friday for her work in pushing the Clarity Act forward. Ahead of Gillibrand's no vote, her Democratic colleague Sen. Elizabeth Warren voiced concerns that the bill lacked adequate safeguards against corruption in the light of President Trump's deep financial ties to the crypto industry. ([email protected])