The Democratic Party in the U.S. Senate is making final coordination regarding the Cryptocurrency Market Structure Act. Sources familiar with the matter say that Senate Majority Leader Chuck Schumer will convene a caucus meeting on Sunday evening to discuss the CLARITY Act and to prepare for the key procedural vote on Tuesday.
At the time of this closed-door meeting, about a dozen Democratic lawmakers had been negotiating over the bill for several months, but there were still three core issues that remained unresolved. It is not yet clear whether these differences can be resolved before the voting takes place.
Procedural voting will take place on Tuesday.
CLARITY The bill is one of the crypto legislative initiatives being pushed by the U.S. Congress, with a focus on clarifying the regulatory division of labor and legal framework for the digital asset market. This internal meeting of Democrats indicates that the bill still requires a unified stance within the party before moving on to the next step of the process.
The Republican side, on the other hand, hopes that the Democratic Party will first push the bill forward for further consideration, and then continue to negotiate the unresolved aspects during the legislative session. This means that even if the procedural vote is passed, the text of the bill may still be subject to further adjustments.
Ethical provisions related to Trump become a focus
One of the most prominent disagreements at present is that the Democratic Party is calling for the addition of ethical provisions to limit President Trump's ability to profit from his family's cryptocurrency business. Reports mention that Trump himself discussed this issue with his advisors last Friday.
The sensitivity of this clause lies in the fact that it not only involves encryption regulation but also touches on issues of presidential conflicts of interest. If the Democratic Party insists on including relevant restrictions, it may affect the final stance of some members of Congress regarding the bill.
Internal divisions within the party have not yet been resolved.
Insiders say that there are still three types of issues unresolved within the Democratic Party, but the public information available at this stage does not disclose all the details. Judging from the current progress, the meeting on Sunday night was more of a coordination effort aimed at narrowing differences as much as possible before the formal procedures are initiated.
If the Democratic Party is unable to form a more cohesive stance before the procedural vote, the pace of advancing the bill may be affected. For the crypto industry, this meeting will become an important milestone to observe the next steps in regulatory direction by the U.S. Congress.
