The latest crypto market structure bill “falls short” of what it should be on ethics and other provisions, a group of US Senate Democrats said on Wednesday.
Senators Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock – a group of negotiators that would likely be needed to move the bill forward – said in a joint statement shared with CoinDesk that they would continue to work with their Republican counterparts on the Digital Asset Market Clarity Act (Clarity Act), but that more work was needed on various outstanding issues, including how the bill of law addresses illicit finance and consumer protection.
Alsobrooks and Gallego were the only lawmakers to vote in favor of the Clarity Act in committee, while several other lawmakers have expressed support for the bill in the past.
“Republican proposed language for the CLARITY Act, as it currently stands, is insufficient,” the statement said. “Key provisions, including those dealing with the ethics of elected officials, consumer protection, illicit financing, conflicts of interest and market integrity, must be strengthened.”
