US senator says crypto market structure vote may happen by August

Senator Kirsten Gillibrand said the Senate must address lawmakers potentially getting “rich off of these industries because of their insider status“ before any vote on the CLARITY Act.

US Senator Kirsten Gillibrand said lawmakers working towards passage of a digital asset market structure bill likely need to meet three conditions before the chamber can vote on the legislation.

Speaking at the Consensus conference in Miami on Wednesday, Gillibrand said she considered addressing consumer protection, illicit finance and ethics provisions essential before any potential vote on the CLARITY Act. She said that if Congress were to consider those issues, as well as combine the draft of the market structure bill with the version already passed in the Senate Agriculture Committee and ensure ethics language, lawmakers could have a vote “before the August recess,” which begins Aug. 10.

“There will be no one voting for this bill if we don’t have an ethics provision,” said Gillibrand. “Because the truth is, is that we cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status. It is the worst form of pay for play.”

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