Three House Democrats have called on their divided caucus to back a GOP-led cryptocurrency bill currently under consideration. Reps. Don Davis of North Carolina, Josh Gottheimer of New Jersey, and Ritchie Torres of New York sent a letter to their Democratic colleagues, obtained by POLITICO, emphasizing the importance of moving forward with digital asset regulation. The lawmakers argue that failure to act risks undermining U.S. leadership in the cryptocurrency space and allows harmful actors to operate unchecked. They contend that while the bill may have flaws, inaction is not a viable option.
The House is set to vote this week on two cryptocurrency bills that are causing internal division among Democrats. Democratic leaders are not expected to intervene in the vote, leaving the decision to individual members. Davis, a top Democrat on the Agriculture Subcommittee, and Gottheimer and Torres, both on the Financial Services Committee, are advocating for the CLARITY Act, which aims to bring legal clarity to digital asset markets. They argue that this bill would protect consumers and investors, foster responsible innovation, and bring much-needed legal certainty to digital asset markets, an area increasingly vital to the U.S. economy and global financial system.
Davis, a vulnerable House Democrat, is the top Democrat on the Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development. Gottheimer and Torres sit on the Financial Services Committee. Their support for the CLARITY Act highlights the growing recognition within the Democratic Party of the need for regulatory clarity in the fast-evolving digital asset landscape. As the U.S. continues to grapple with the challenges and opportunities posed by cryptocurrency, the outcome of this vote could have significant implications for the future of digital finance in America.