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Revised ethics language floated for the CLARITY Act in Senate push
The proposed changes would shift who can enforce a federal ban on officials issuing or sponsoring tokens to state authorities, with passage still requiring 60 votes amid a looming Senate recess.
Cointelegraph reports that two US senators on opposite sides of the aisle have sent revised ethics guidance to the White House as part of negotiations over the Digital Asset Market Clarity, or CLARITY, Act.
According to a Thursday PunchBowl report cited by Cointelegraph, Senator Thom Tillis and Senator Ruben Gallego submitted a counteroffer that would modify the bill’s ethics provisions. The change would reportedly allow state authorities to enforce a ban on federal officials issuing or sponsoring tokens, rather than leaving enforcement to the US Attorney General.
The outlet says the revisions are intended to address concerns lawmakers raised about the first draft, including ethics and related areas such as consumer protection, illicit finance, conflicts of interest, and market integrity. Cointelegraph also reports that Gallego said these elements “must be strengthened” and that he would keep working with Republicans to move the bill forward.
Cointelegraph adds that the clock on a vote is tightening because the Senate is set to break for a month-long recess. The report notes Republicans hold an effective 52-47 majority with Senator Mitch McConnell absent for medical reasons, meaning the bill would still need at least 60 votes for passage.