Democratic Senators convened late Monday to deliberate on the newly proposed draft text.
By Nikhilesh De|Edited by Jesse Hamilton11 hrs ago3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Senator Ruben Gallego, one of the Democrat negotiators on the Clarity Act. (Nikhilesh De/CoinDesk)Late Monday, Senate Democrats submitted a counterproposal regarding crucial legislation on crypto market structure to their Republican colleagues, just ahead of a significant procedural vote, according to a source familiar with the matter.
This counterproposal follows Senate Republicans distributing a new draft of the Digital Asset Market Clarity Act. The initial vote on the bill is set for Tuesday afternoon. CoinDesk could not immediately verify the specifics of the counteroffer, other than its submission. Politico was the first to report the counteroffer.
Prior to the formal counterproposal, several Democrats, including those who might support the bill, expressed concerns about the updated ethics proposal. A primary issue was that even with the revised language, it would prevent state attorneys general from initiating lawsuits or enforcement actions against the U.S. president, while allowing the Office of Government Ethics to potentially permit senior government officials to maintain their crypto business affiliations.
Sources within the industry informed CoinDesk that Democratic negotiators met on Monday afternoon to address concerns related to the counteroffer, particularly the ethics provision.
Senator Cynthia Lummis, a key Republican negotiator, stated earlier that Democrats were continually requesting additional concessions, even though the bill was ready for a vote.
Patrick Witt, the White House crypto adviser, mentioned at a Washington event on Monday that Republicans had already "gone to great lengths" to accommodate Democrats' concerns in the Clarity Act, indicating that little remains to be adjusted. "If there are any changes, we're talking about punctuation at this point," Witt remarked, but acknowledged that the final decisions rest with the senators. "I'm not a senator, so ultimately it's going to be a decision of the senators there."
The crypto sector has largely urged the Senate to approve the procedural vote on Tuesday, which requires the support of 60 senators. A successful vote would allow discussions on the bill to proceed, with several additional votes needed before it can advance to the House of Representatives.
Summer Mersinger, CEO of the Blockchain Association, stated that there is a need for regulations to "protect consumers, deter fraud and illicit activity" while fostering crypto innovation in the U.S. "Building a bipartisan majority to support complicated legislation requires difficult compromises, and our industry made meaningful concessions to get this framework to the floor," she added. "While some of the concessions in the final bill are significant, those compromises reflect the difficult work required to build consensus around major legislation."
Conversely, other trade organizations have opposed the vote on Tuesday, at least without further amendments to the bill. The Indian Gaming Association has requested limitations on the Commodity Futures Trading Commission's authority to permit prediction market operators to offer contracts on sports events. Additionally, a bipartisan coalition of state attorneys general argued that the bill would unfairly limit their ability to pursue enforcement actions related to "online scams" under Securities and Exchange Commission provisions.
Major banking associations have also continued to advocate for revisions regarding stablecoin yield and reward language before any vote takes place.
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Tokenized Equities Lead RWA Inflows as bStocks Sets the Pace
Tokenized Equities Lead RWA Inflows as bStocks Sets the Pace
Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.
By CoinDesk ResearchAug 27, 2026Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.
Why it matters:
Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume.
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