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Senate Democrats oppose Clarity Act unless it blocks officials' crypto ties
The bill still needs a key ethics section banning senior government officials, including the president, from personally engaging in the crypto industry, a sticking point for many Democrats.
CoinDesk reports that three U.S. Senate Democrats, Senators Chris Murphy, Chris Van Hollen, and Jeff Merkley, argued at a Capitol Hill press conference that they oppose the crypto industry Clarity Act effort unless it directly addresses what they described as President Donald Trump's personal crypto ties.
The lawmakers said the bill should not move forward without stronger safeguards, framing the president's personal crypto profits and influence as a central red flag. They also tied their opposition to the political calculus inside the Senate, where advocates are seeking enough Democratic support to clear a 60-vote threshold.
According to CoinDesk, the push now faces an early deadline before Congress' summer break and amid attention shifting toward fall midterm elections. A new draft is expected as soon as Tuesday, but a potentially decisive section remains unresolved.
The remaining sticking point is an ethics provision that would ban senior government officials, including the president, from personally engaging in the crypto industry. CoinDesk adds that many Democrats have said they cannot support a version of the Clarity Act that does not include that ban.