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Democratic senators say new Clarity Act draft needs stronger ethics, protections
The lawmakers singled out gaps on illicit finance, consumer protection, and conflicts of interest, even as Senate Republicans unveiled a revised ethics provision they said the White House and President Donald Trump agreed to.
Several U.S. Senate Democrats who would be key to advancing the proposed crypto market structure legislation said the newest Republican draft of the Digital Asset Market Clarity Act still falls short, citing ethics and other provisions that require changes.
In a joint statement shared with CoinDesk, the group said the current text needs to be strengthened on multiple fronts, including how the bill addresses illicit finance, consumer protections, conflicts of interest, and overall market integrity. The statement also highlighted ethics for elected officials as a central outstanding concern.
CoinDesk reports the renewed focus comes after Senate Republicans circulated a fresh draft earlier Wednesday that included an ethics provision the White House and President Donald Trump agreed to. One of the bill's lead Republicans, Senator Bernie Moreno, described the ethics language as the most powerful in U.S. history on X.
The article says it is unclear when the bill could reach the Senate floor. Republican Majority Leader John Thune's office told CoinDesk he plans to move it forward in the coming days, but Senate floor action could require 60 votes, potentially bringing in support from as many as 10 Democrats.