Authored by Jordan Schachtel via American Greatness,
Just before the Senate adjourned for campaign season, big banks joined forces with longtime critic Elizabeth Warren and Senate Democrats to kill the Clarity Act.
The bill would have clarified federal rules for cryptocurrency markets and created a reliable, trustworthy entrance point for Americans to access digital assets.
After advancing the bill out of the Banking Committee on a bipartisan basis, Democrats blocked the bill from even being debated and amended on the Senate floor, giving the banks exactly what they wanted: less competition.
Warren, who spent much of her career opposing banks, has suddenly found common cause with them in opposing a critical component of the Trump Administration's financial innovation agenda. As Sen. Cynthia Lummis put it, Warren "hates President Trump so much that she'd rather have no rules of the road for the digital asset industry - leaving consumers vulnerable and law enforcement empty-handed - than take the win for consumers."
Throughout negotiations, Democrats and the big banks won concession after concession. Nearly 250 pages of big bank and Democratic priorities were added to the bill, including an agreement by President Trump to a sweeping and unprecedented ethi
