Crypto: CLARITY Act clears a major hurdle ahead of Senate vote
The National Sheriffs’ Association withdraws its opposition to the CLARITY Act 11 days before a decisive Senate vote requiring 60 votes to move forward.
The CLARITY Act has gained some breathing room in Washington. The National Sheriffs’ Association, which had spent several months warning about the bill’s risks to financial investigations, has withdrawn its opposition. With 11 days to go before the procedural vote scheduled for September 15, the shift could help supporters of the sweeping US crypto reform seek the 60 votes they need.
Crypto: sheriffs stop opposing the bill
The shift is significant as the CLARITY Act heads to the Senate without having secured its 60 votes.
The National Sheriffs’ Association has officially moved from opposition to neutrality. It now believes it is preferable to let the legislative process move forward, given the changes under discussion.
This is not a minor detail.
At the end of July, the organization representing more than 3,000 sheriffs was still warning of “serious risks” to public safety. In particular, it feared that certain protections granted to DeFi developers and non-custodial services could reduce KYC, anti-money laundering and sanctions requirements.
The letter published by the organization then called on the Senate to revise those provisions before any vote.
Today, it is no longer asking senators to block the bill.
Democrats lose an argument
The reversal matters most for Democratic senators who remain undecided.
Catherine Cortez Masto and Mark Warner had notably echoed law enforcement concerns about certain DeFi provisions. The National Sheriffs’ Association’s withdrawal of its opposition therefore removes an important political argument for them.
Other law enforcement organizations had already softened their positions. Some now support amended versions of the bill following the addition of further provisions targeting illicit financial activities.
The timetable nevertheless remains tight. The cloture vote is scheduled for September 15 at 2:15 p.m. and will require 60 votes. The House passed the CLARITY Act by 294 votes to 134, but the Senate remains much harder to convince.
And Josh Hawley still threatens to oppose the bill if the issue of rewards on stablecoins is not resolved.
One obstacle has disappeared. The numbers are still not there.
Ethics remains the difficult issue
The most sensitive issue is no longer necessarily DeFi.
Restrictions intended to prevent the president and other political officials from personally benefiting from their crypto activities remain a major point of disagreement.
This issue has followed the bill for several months. The White House had already tried to unblock the CLARITY Act’s ethics provisions, without eliminating all the disagreements.
For the crypto industry, however, the bill remains essential. It is intended to clarify the jurisdictions of the SEC and CFTC, regulate platforms and establish lasting rules for part of the digital asset sector.
The sheriffs’ withdrawal therefore genuinely changes the political equation. Not enough to guarantee victory, but enough to make the September 15 vote less compromised than it was still a few weeks ago.
À propos de l’auteur
Lydie Musekwa
Lydie Musekwa, enseignante chercheuse passionnée par les nouvelles technologies, plonge dans l'univers des cryptomonnaies avec un regard analytique et innovant. Depuis sa découverte du bitcoin, son parcours s'est orienté vers une exploration exhaustive de la blockchain et de ses applications. Armée d'un esprit critique et d'une soif d'apprendre, elle s'attache à démystifier les concepts technologiques complexes pour ses lecteurs, tout en scrutant les dernières tendances et avancées. En tant que rédactrice, Lydie s'engage à partager des connaissances précises et à jour, faisant le pont entre le monde académique et la sphère digitale en constante évolution.
