In the last weeks before Congress was adjourned, the Democratic Party ' s opposition to Clarity Act intensified, demanding the inclusion in the bill of a clause prohibiting the trang ' s family from benefiting from the encryption industry. The passage of the bill will require the support of at least seven Democrat senators and will face time-critical problems.
Warren's appeal.
On Monday, Senator Elizabeth Warren (D-MA) wrote to the head of the Senate, stressing the need for the bill to include language that would prevent the Toran from spreading the benefits of their families. Warren noted that any bill that did not contain such a provision was a serious concession to the public.
More opposing voices
On Tuesday, several Democrat Senators, including possible presidential candidates D-CT and D-MD, will hold a press conference to further oppose Clarity Act, stressing that the bill will weaken financial regulation.
Future of the Bill
Supporters believe that the regulation of the industry will be strengthened by legitimizing most of the encryption activities of Clarity Act. Opponents, however, argued that the bill would significantly weaken financial regulation since the Great Depression by creating exemptions for block chain assets. The bill, which has been under discussion in Congress for more than a year, faces the final test of life and death and must be passed before Congress is adjourned, otherwise it will be affected by the upcoming mid-term elections. Currently, the number of active Republicans in the Senate is decreasing, further complicating the passage of the bill.