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web3: Democratic Caucus in the U.S. Senate holds preliminary consultations ahead of voting on encryption bill
U.Today
6h ago
Ai Focus
Democratic senators in the U.S. Senate hold urgent consultations before a procedural vote on the Cryptocurrency Market Structure Act; conflicts of interest remain the main point of disagreement.
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Democratic senators in the U.S. Senate plan to hold a temporary caucus meeting on Sunday evening to focus on the disagreements regarding the Clarity Act bill. This meeting is scheduled before a key procedural vote on Tuesday, and its outcome will determine whether this bill that aims to restructure the crypto market can proceed to broader deliberation in the Senate.

Voting on Tuesday to decide the fate of the bill

According to reports from Polit token issuance, Senate Majority Leader Schumer will preside over this meeting. Currently, there are still several issues regarding the bill that have not been resolved between the two parties. The procedural vote on Tuesday will determine whether the bill can move forward.

For the bill to pass this stage, it needs 60 votes in support. Even if all Republican members vote in favor, several Democratic members still need to join the supporting camp.

Conflicts of interest terms have not yet been resolved.

Reports indicate that about a dozen Democratic senators have been negotiating over this bill for several months, but some core disagreements remain unresolved. Among them, the Democrats' demand for stricter conflicts of interest restrictions is still the main obstacle at present.

The members participating in the discussion include Kirsten Gillibrand, Mark Warner, Ruben Gallego, Lisa Blunt Rochester, Andy Kim, and Angela Alsobrooks, among others.

The new version of the bill was announced last week.

The Senate Banking Committee passed the bill in May of this year with a bipartisan vote of 15 to 9. Last Thursday, a new version of the bill was released, with a full text of approximately 630 pages.

The CEO Galaxy Digital stated earlier on Sunday that the relevant negotiations continued over the weekend. This means that before the formal vote, senators are still trying to narrow their differences.

Additional information:Senator Cynthia Lummis previously stated that if this bill cannot be advanced, the legislative process for a complete encryption market structure in the United States could be delayed by several years.

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