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Revised ethics terms emerge in CLARITY Act crypto market bill talks
The window to pass the CLARITY Act before a month-long Senate recess is narrowing, and Senate Democrats reportedly may withhold support over ethics and perceived conflicts.
US senators are reportedly advancing revised ethics guidelines for the Digital Asset Market Clarity, or CLARITY, Act as Congress nears a break for a month-long Senate recess, according to Cointelegraph.
A PunchBowl report cited in the story says two senators from opposite parties, Thom Tillis and Ruben Gallego, submitted a counteroffer to the Trump administration that would change the bill’s ethics provisions, including shifting how a ban on federal officials issuing or sponsoring tokens would be enforced, away from the US Attorney General and toward state authorities.
The story also says the reported revisions are intended to address concerns raised about the bill’s first draft, and that Gallego, who previously called for stronger ethics, consumer protection, illicit finance controls, conflict-of-interest rules, and market integrity measures, plans to continue working with Republicans.
Republicans are described as holding an effective 52-47 Senate majority with Mitch McConnell absent for medical reasons, and the bill would still need 60 votes to pass, leaving the outcome tied to whether Senate Democrats support the updated terms.
Cointelegraph adds that it reached out to Gallego’s and Tillis’ teams for clarification but did not receive an immediate response.