Clarity Act faces make-or-break Senate vote on Tuesday as crypto industry pushes for bill

Long-awaited vote on crypto market structure legislation is set for the Senate on Tuesday, but it remains unclear whether the measure known as the Clarity Act has enough votes to pass as last-minute lobbying by banks and the cryptocurrency industry intensifies. The Clarity Act, which would establish a new regulatory structure for cryptocurrencies and other digital assets, has languished in the Senate for months. The bill cleared the Senate Banking Committee in May, but has stalled as Senate leaders have struggled to wrangle the 60 votes needed for approval from the chamber. With full attendance, at least seven Democrats would need to support the measure to escape the filibuster. A myriad of issues have slowed the process and could put the vote in jeopardy. Banks warn they cannot support the bill unless it includes a fix to stop interest-like payments on stablecoin, which they say could cause deposit flight. And Democrats, only two of whom voted to advance the bill out of committee, have said they cannot support the bill unless it includes stronger ethics language to prevent officials like President Donald Trump and his family from profiting from crypto ventures. Read more CNBC poli...