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Clarity Act crypto bill faces ethics hold as talks stall
Sen. Ruben Gallego said prior versions of the ethics language were sent to President Donald Trump without progress, leaving the Clarity Act's passage uncertain.
Congress can still move forward on the Clarity Act crypto bill even as negotiations stall over an ethics provision, Democratic Sen. Ruben Gallego said Wednesday at the SALT conference in Wyoming, according to The Block.
Gallego pointed to multiple versions of the ethics language that had been sent to President Donald Trump, saying they returned either blank, moved backward, or produced no response. The senator described ethics agreement as the final sticking point to get the landmark legislation passed.
The Block reports that the ethics proposal has been a focal issue as concerns have grown over Trump’s expanding crypto holdings and business interests, which have grown to income in the millions of dollars. In July, Trump agreed to an ethics provision that would bar a public official and their spouse from issuing or sponsoring digital assets, with enforcement set to fall to the Department of Justice and a sunset provision ending in January 2029.
The Block adds that Democrats criticized that July language as falling short, and Trump is now weighing a new proposal from Gallego and Sen. Thom Tillis, R-N.C., which would allow state attorneys general to enforce a prohibition on public officials and their spouses issuing or sponsoring digital assets.