Democrats killed the Clarity Act

Voters have had enough, but Democrats refuse to listen.

Despite their rhetoric about costs and affordability, not a single Senate Democrat voted to advance the Clarity Act last week.

The legislation would have established rules of the road for digital assets, helping bring down the cost of transactions for everyday Americans.

Unfortunately, because of Democrats, the bill did not move forward.

Read more: How months of work on the Clarity Act all fell apart

Policy is personal, so when voting on legislation like this, I ask myself, “Will this help single moms like the one who raised me?”

These are the kinds of Americans that Democrats have long claimed to look out for. Yet, when they get to Washington, they vote time and again to take money out of the pockets of hardworking families.

Americans want to keep more of their own money, but Democrats voted to raise taxes on overtime, tips, and Social Security. If Democrats got their way, Americans would be paying hundreds of dollars more each month in taxes.

Democrats just blew another opportunity to put money in the pockets of Americans. Digital assets offer real promise. They can lower costs, move money faster, and help small businesses grow. But we need clear guardrails in place to prevent customers and investors from being taken advantage of.

My Republican colleagues and I, along with Democrats, spent more than a year negotiating this legislation. Our final proposal included over 120 changes Democrats requested, yet they still said no.

Expanded ethics provisions. Got it done. Ethics provisions relating to President Trump. Got it done. Ethics rules covering elected officials and their spouses. Got it done. A meaningful role for state attorneys general in enforcement. Got it done. Additional money laundering tools for law enforcement. Got it done.

Each time Republicans met Democrats’ demands, they moved the goalposts. No amount of good-faith negotiating would satisfy Democrats playing politics with our country’s financial future.

At least 12 Senate Democrats claimed they wanted to make a deal. But lip service is different than delivering results. When the vote came, not one Senate Democrat voted to move the bill forward.

At its core, the Clarity Act would protect everyday Americans, safeguard their hard-earned money, give entrepreneurs a fair shot, and make it harder for criminals and foreign adversaries to abuse our financial system.

Before I came to the Senate, I ran a small business, and I hear every day from job creators about the need for certainty. An entrepreneur working in financial services has practical questions, too. What rules apply? Which agency is responsible? The answers affect how their businesses operate and how they serve customers.

Democrats know this, too. That’s what makes last week’s vote so frustrating.

We are less than 40 days away from Election Day, and Democrats put what they felt was good for politics above what was good public policy. They would rather poke President Trump and block him for achieving a major bipartisan legislative accomplishment than do what is right for the American people.

After Democrats tanked the Clarity Act, I called for the SEC and CFTC to set clear rules of the road for digital assets while Congress continues its work. The SEC and CFTC focus on the companies customers deal with and the rules those companies follow. Certainty matters.

I keep coming back to the person on the other side of that transaction.

A mother saving for her children knows what it took to earn that money.

A worker putting money aside knows what it took to get through the week.

A business owner knows the people waiting for their paychecks.

That is the perspective I bring from South Carolina. Technology has changed since I was growing up, but the need to lower costs and reduce uncertainty has not.

My story started with a single mom working hard to give her children a future. I have not forgotten her sacrifice and what every dollar meant at home.

Democrats should take note and remember the people they represent and do what’s best for them, not what’s best for their political calculus, consultants, and special interests.

This election, voters have a choice between one party that advances economic opportunity for all and another that would rather keep taking money out of your pocket. Democrats, once again, sided with taking money out of the pockets of Americans.