Lawmakers are hoping to push through the crypto market structure bill this week but the Democrats are holding things back, according to Senator Dave McCormick.
Speaking to Fox Business on Friday, the Republican senator said that a vote needs to happen now.
“The Democrats are starting to think, ‘We don’t want to give it a win,’” said McCormick.
Writing on X today, he added: “The time for delay is over. Bring the Clarity Act to the Senate Floor for a vote and let every senator go on the record. America needs clear rules that protect consumers and keep digital asset innovation and jobs here at home.”
Lawmakers have been mulling over the Clarity Act since last year, which would set in stone crypto regulation. The bill has been in a deadlock this year, partially because banking chiefs raised concerns over stablecoin yield and ethics concerns.
A new draft circulating last week bans officials and their families from issuing or promoting crypto — something opposition lawmakers previously had issue with.
Now, GOP lawmakers are hoping to get backing from Democrats to pass the bill. Bipartisan support for the bill exists though some lawmakers — such as senator Elizabeth Warren — have criticized the draft, claiming it would allow President Donald Trump to make money from crypto, as well as benefit criminals.
A group of Democrats last week penned a statement claiming the bill in its current form falls short.
Major institutions, including Fidelity and Goldman Sachs, as well as crypto lobby groups and politicians, have said the revised bill works in its current format.
Democrats — and some Republicans — have criticized President Trump’s crypto business interests, with some alleging conflicts of interest as his family has made money from meme coins and the decentralized finance protocol, World Liberty Financial.
Despite the Trump family being heavily involved in crypto, and the president winning office after receiving backing from major crypto entrepreneurs, the White House has always denied any wrongdoing on part of the President.