Trump weighs CLARITY Act ethics counterproposal, Senate needs 60 votes by August 7

Odaily News: U.S. President Trump is weighing a bipartisan ethics counterproposal to the CLARITY Act, as Senate negotiators need to finalize crypto conflict-of-interest rules before the August 7 recess. The bill aims to establish a federal regulatory framework for crypto companies through a division of labor between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted a state attorneys general enforcement plan to the White House on July 29. The plan allows state-level agencies to enforce the ban on federal officials issuing or sponsoring digital tokens, rather than leaving related violations solely to the Department of Justice. The U.S. House of Representatives passed its version of the bill on July 17 with 294 votes in favor and 134 against, with over 70 Democrats voting in favor. The Senate has not yet held a full floor vote, and the bill needs 60 votes to pass. If all Republicans support it, at least 7 Democrats would still need to vote in favor.