This week will be crucial for Bitcoin and altcoins. This week, many important events may occur both in the financial world and in the world of cryptocurrencies. The week begins tomorrow, September 15, with the vote on the Monetary Policy Clarity Act (Clarity Act) and continues on Wednesday with the Federal Reserve's interest rate decision.
One of the most important events of the week will be related to the Clarity Act, cryptocurrency legislation. A procedural vote will be held in the Senate tomorrow. To pass the procedural stage, the bill needs 60 votes. If this threshold is not reached, the Clarity Act will not be rejected; however, its progress in the Senate will be significantly hindered and delayed. This is because the bill, which has been under consideration in the Senate for nearly a year, will now take much longer to be adopted.
Republicans Warn of a 'Final Offer'!
Republican senators published a revised version of the CLARTY law, which will be voted on tomorrow, taking into account the demands of Democrats. It is reported that the new Republican version focuses on provisions related to ethics and conflicts of interest, which is one of the main obstacles to passing the bill.
Senator Cynthia Lummis, one of the most ardent supporters of the bill, stated: 'If even this version of the bill is rejected, it will mean a rejection of real ethical reforms,' while Republicans warned Democrats about their 'final offer,' calling their draft the 'final, best and final' version.
Trump's Cryptocurrency Assets Made Headlines!
As is known, one of the most contentious aspects of the law to date is President Donald Trump's and his family's business activities in the cryptocurrency sector.
At this stage, Democrats argued that the current law does not sufficiently account for potential conflicts of interest related to Trump's income from digital assets. However, Republican senators noted that the final draft includes changes requested by Democrats, particularly regarding ethics rules.
Lummis stated: 'President Trump voluntarily agreed to unprecedented ethical restrictions, some of the strictest in US history, extending to every federal elected official, judge, and their spouse. Democrats got what they wanted; now they will have to accept the 'yes' answer.'
The Results of the September 15 Vote Will Be Decisive!
For the bill to progress, Republicans need to secure the support of Democratic senators. After a delay in August, renewed attempts by the parties to reach a compromise have placed the fate of the bill at the last moment.
Although Trump's acceptance of a significant portion of Democratic demands regarding ethics rules increases the likelihood of an agreement between Republicans and Democrats, the outcome of the negotiations remains unclear, as Democrats demand stricter provisions on ethics and anti-money laundering. There are 100 senators in the US Senate. For the bill to pass tomorrow's procedural vote, at least 60 senators must vote for it. Given that Republicans currently have 52 votes, it is also necessary to secure at least 8 votes from Democrats.
*This is not investment advice.
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