Brendan Pedersen
@BrendanPedersen
senior reporter and co-author @PunchbowlNews VAULT writing about Congress, money, economy. signal: bpedersen.41 he/him not a doctor
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Seven Democratic senators release a statement saying they “remain committed” to enacting the Clarity Act – Gillibrand, Alsobrooks, Booker, Cortez Masto, Warner, Warnock
NEWS: The Senate failed to advance the Clarity Act, a landmark crypto market structure bill. The vote was 49-50, with three Republicans voting against: Sens. Susan Collins (Maine), Josh Hawley (Mo) and Jerry Moran (Kansas).
(Tillis voted no with a motion to recommit, procedural)
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NEWS 🚨: Republicans dismissed a Clarity Act counter-offer from Democrats. Spox for Lummis (R-Wyo.) says Democrats "have not budged an inch."
"They need to actually start negotiating instead of resubmitting the same demands and calling it progress."
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Sen. Mark Warner (D-Va.) on Clarity Act: “I don’t think the ethics provision is near enough.”
News: Banking staff for Warren (D-Mass.) are circulating points against the latest crypto ethics deal.
Warren staff argues the state AG powers are a mirage. Only DOJ can bring enforcement actions, and "no action may be brought" if WH ethics officials clear the crypto activity.
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News: Indian Gaming Association Chair David Z. Bean says in a statement this morning that recent changes to the Clarity Act to carve out prediction markets from DeFi exemption language “do not address the concerns of Indian Country”
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News: Sens. Cynthia Lummis (R-Wyo.) and Bernie Moreno (R-Ohio) became co-sponsors of the Credit Card Competition Act tonight, according to a filing we obtained
Lummis and Moreno are infuriated with the banking industry for helping delay the Clarity Act / creating GOP problems
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Crypto latest: The Senate negotiations to get to August recess have snagged in part on the Clarity Act.
Sources involved in the talks say Democratic leadership continues pushing to delay a procedural crypto vote. Schumer wants to give talks more time. GOP is agitating for a vote
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The opening line of this op-ed: “Congress often passes legislation riddled with policy land mines because the Members don’t want to do the hard work of defusing them.”
WSJ notes the bill has promise (regulatory clarity, customer protections etc) and then dives into the problems
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The conservative WSJ Editorial Board just published a piece beating up the Clarity Act, writing that the crypto market structure bill “needs changes to reduce risks to the financial system”
At issue: stablecoin yield and illicit finance
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Crypto latest: There is a clear consensus among Senate Democrats right now that — without movement on ethics, illicit finance and stablecoin yield — a cloture vote this week on the Clarity Act will fail.
Democrats won’t be moved by crypto cash at this point.
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News w/ @LauraEWeiss16: Treasury Secretary Scott Bessent’s top crypto adviser departed the government on Friday. Tyler Williams is expected to return to the private sector.
David Solomon: Idk guys maybe it’s time for a crypto bill 👉👈
Community bank trade CEO: Ten thousand curses upon you. You wretched failure.
To clarify what's happening: Senate Democrats wanted an amendment vote on bank-supported language to restrict yield, plus law enforcement requested changes.
Chair Scott is refusing to hold a vote on those provisions, which would carry political liabilities for Republicans.
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News: Sens. Reed (D-R.I.) and Smith (D-Minn.) have filed an amendment ahead of Thursdays markup that will force senators to choose between crypto and the banks
The amendment would incorporate bank’s changes to stablecoin yield restrictions. Tough tough vote for bank-friendly Rs
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News: The Senate voted 49-44 on Monday night to invoke cloture on Kevin Warsh’s nomination to serve on the Federal Reserve Board. The vote was bipartisan, with Sens. John Fetterman (D-Pa.) and Chris Coons (D-Del.) voting in favor.
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First in PBN texts: 🚨 Big bipartisan crypto sitdown incoming. Sens. Lummis (R-Wyo.), Tillis (R-N.C.), Moreno (R-Ohio), Gallego (D-Ariz.) and Gillibrand (D-N.Y.) will convene Tuesday AM to discuss latest in market structure talks, per multiple sources familiar
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News: The Senate Banking Committee has noticed a markup for Thursday, May 14 to advance major crypto market structure legislation, according to two sources familiar with the announcement.
The move sets up a titanic week for the crypto industry as well as banks.
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