SENATOR MCCORMICK RELEASES STATEMENT ON THE CLARITY ACT

WASHINGTON, D.C. - Today, the Senate failed to advance the CLARITY Act after a procedural vote fell short of the 60 votes needed (49-50). Following the vote, Senator Dave McCormick (R-PA) released the following statement:

"Today, Senate Democrats blocked the vote to advance the CLARITY Act. I'm deeply disappointed at this outcome. For more than a year, Republicans and Democrats worked together in good faith to develop a clear, responsible regulatory framework for digital assets. The legislation before the Senate today incorporated substantive changes requested by Democrats, real concessions designed to address concerns from both sides of the aisle and build a durable bipartisan framework. The status quo leaves consumers and investors worse off and cedes U.S. financial leadership overseas. At a time when our global competitors are racing ahead, American entrepreneurs, investors, consumers, and financial institutions in Pennsylvania and across the U.S. deserve clear rules of the road that protect consumers while allowing innovation to flourish here at home. This issue isn't going away, and neither is my commitment to getting it done. Community banks and entrepreneurs in Pennsylvania are worse off without CLARITY. I'll continue working with colleagues on both sides of the aisle to deliver the certainty America needs to remain the global leader in financial innovation."

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