Galaxy Digital’s Alex Thorn says the newest edition of the CLARITY Act could get a much-needed bipartisan boost. For this, he spotlighted a surprising addition with Senators John Kennedy and Elizabeth Warren.
Alex Thorn Reveals How CLARITY Act Could Get Bipartisan Backing
The U.S. Senate Banking Committee on Tuesday released the entire text of the CLARITY Act. In the draft, Thorn noted that the addition of the “Build Now Act” could help garner more bipartisan political support before this week’s markup.
Thorn outlined each of these changes in a series of posts on X. He mentioned notable updates to a variety of sections of the proposed plan. These include new powers for the SEC, definition of DeFi, provisions on insider trading, and the bankruptcy regulations for crypto companies.
In addition, he noted that the CLARITY Act has specifically added Section 904, the ‘Build Now Act.’ “This is a bill that was co-sponsored by sens Kennedy and Warren and already passed the senate as part of the ROAD housing bill in march,” Thorn wrote.
He believes that the addition of the Build Now Act within the CLARITY Act “provides another pathway for it to become law. Moreover, Thorn said the strategy could help build momentum for the more Republicans to support the legislation.
He eyes backing especially from Senator Kennedy, who has reportedly been “on the fence” on the legislation. “Including Build Now may be a way to solidify kennedy’s support,” he said.
Furthermore, he stated that there is “gravitas” to the move because of Warren’s involvement as it’s bipartisan bill. Nevertheless, Thorn said there were still slim chances of Warren eventually agreeing to the overall crypto bill owing to her anti-crypto beliefs.
Senators’ Comments On The Crypto Bill
The Senate Banking Committee posted the revised legislation before the CLARITY Act will be marked up on Thursday, May 14. The bill provides “certainty, safeguards, and accountability Americans deserve,” said Committee Chairman Tim Scott.
In addition, Senator Cynthia Lummis called the bill “one step closer to passage” of the digital asset framework. Further, Thorn added that developer safeguards under the Blockchain Regulatory Certainty Act ‘remain intact” in the updated version. He said that there were only minor changes in wording from the one from January.
Meanwhile, Senator Bernie Moreno expects that the CLARITY Act could be signed into law by U.S. President Donald Trump as early as July 4.
Source: https://coingape.com/clarity-act-galaxys-alex-thorn-reveals-secret-to-securing-bipartisan-support/
