According to BlockBeats, on September 15, the Trump administration was making every effort to persuade Senate Republicans to advance the landmark cryptocurrency legislation, the Clarity Act, to alleviate banks' concerns.
The White House plans to launch an interactive tool on September 15, allowing users to adjust parameters and run different scenarios to demonstrate the Council of Economic Advisers' (CEA) previous analysis that "there is no significant relationship between stablecoin growth and outflows of community bank deposits." This move by the White House aims to refute concerns from banking groups that stablecoin reward mechanisms may lead to deposit outflows.
However, several Republican lawmakers remain reserved. Texas Senator John Cornyn stated that the latest text may still not address core concerns regarding community banks and hinted that he might vote against it. The bill, which plans to transfer regulatory responsibility for digital assets to the SEC and CFTC, requires at least 60 senators' support to move forward.
Meanwhile, crypto-friendly Democratic lawmakers argue that the newly revised ethics provisions are still insufficient to restrain Trump and his family. Senators Adam Schiff and Mark Warner both expressed their concerns.
The crypto industry is currently awaiting the Senate vote and preparing to allocate tens of millions of dollars in political funds to support candidates. Crypto political super PAC Fairshake has already invested over $30 million in Democratic candidates this election cycle. Georgia Democratic Senator Jon Osoff has yet to decide how to vote.