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US Senator Releases New Draft of Clarity Act, Adds High-Level Official Cryptocurrency Ethics Clause for the First Time
a US Senator has released a new draft of the Digital Asset Market Clarity Act (Clarity Act), merging two previously advanced versions from the Senate Banking Committee and the Senate Agriculture Committee, and for the first time, includes content related to ethics clauses. The ethics clause in the new draft proposes to prohibit senior government officials from sponsoring or issuing their personal cryptocurrencies. The bill has not yet been fully advanced, and it remains uncertain whether the key provisions will receive bipartisan support.
U.S. Democratic Senator: Republican CLARITY Act Ethics Clause Draft “Not a Serious Proposal”
U.S. Democratic Senator Ruben Gallego stated that he will work with Republicans to propose a counter-proposal regarding the ethics clause in the Digital Asset Market Clarity Act (CLARITY Act) that has been recognized by the White House. He stated that the draft published this week is “not a serious proposal.” U.S. Senate Republicans released the proposed text of the CLARITY Act on Wednesday, including an ethics clause that prohibits all U.S. federal officials, including U.S. President Donald Trump, from issuing or sponsoring any digital assets. Democrats believe the relevant ethics provision is insufficient. Republican Senator Bernie Moreno denied that the clause was weak, stating that the draft contains “the most powerful ethical language in American history.” Gallego stated that he will work with Senator Thom Tillis and other Republicans to advance a counter-proposal and submit new text for the clause.
Senator: Senate Will Not Pass Crypto Bill Without Ethics Clause
Odaily reports, Senator Kirsten Gillibrand stated at the Consensus conference that cryptocurrency market structure legislation will not receive a floor vote unless it includes an ethics clause. Gillibrand pointed out that it is necessary to prohibit members of Congress, senior government officials, and the President and Vice President from using their insider positions to profit in the crypto industry. Currently, multiple Democratic senators have expressed concerns about President Trump and his family's crypto connections. Bloomberg estimates that Trump has already profited at least $1.4 billion through crypto ventures. The bill had previously stalled in the Senate over issues related to stablecoin reward handling. While a compromise has now been reached, the ethics clause has become a new obstacle. Gillibrand stated that she is working with the White House and both parties to ensure the clause is included, and is also pushing for the addition of consumer protection and anti-terrorism financing provisions. The bill is expected to pass before the August recess.
U.S. Senate Divided Over DeFi Developer Exemption Clause, Delaying Progress of Crypto Bill
According to Politico, the U.S. Senate Banking Committee’s cryptocurrency bill—led by Chairman Tim Scott—has become mired in controversy over a provision designed to protect DeFi developers, making bipartisan consensus difficult to achieve. The contested provision would exempt non-custodial software developers who do not control users’ funds from registering as money transmitters or complying with anti-money laundering (AML) requirements. Law enforcement organizations—including the National Sheriffs’ Association and the National District Attorneys Association—have separately written to Congress warning that the provision would undermine efforts to combat financial crime; Senator Chuck Grassley, Chairman of the Senate Judiciary Committee, has likewise expressed similar concerns. The crypto industry, however, views the provision as central to the bill: Amanda Tuminelli, Executive Director of the DeFi Education Fund, has explicitly stated that no textual modifications to the provision will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are now pushing for revisions to the provision. If bipartisan agreement cannot be reached, the bill may advance without Democratic support—a scenario that could jeopardize its ability to secure the bipartisan majority required for passage on the Senate floor.
US Senator Releases New Draft of Clarity Act, Adds High-Level Official Cryptocurrency Ethics Clause for the First Time
a US Senator has released a new draft of the Digital Asset Market Clarity Act (Clarity Act), merging two previously advanced versions from the Senate Banking Committee and the Senate Agriculture Committee, and for the first time, includes content related to ethics clauses. The ethics clause in the new draft proposes to prohibit senior government officials from sponsoring or issuing their personal cryptocurrencies. The bill has not yet been fully advanced, and it remains uncertain whether the key provisions will receive bipartisan support.
U.S. Senate Divided Over DeFi Developer Exemption Clause, Delaying Progress of Crypto Bill
According to Politico, the U.S. Senate Banking Committee’s cryptocurrency bill—led by Chairman Tim Scott—has become mired in controversy over a provision designed to protect DeFi developers, making bipartisan consensus difficult to achieve. The contested provision would exempt non-custodial software developers who do not control users’ funds from registering as money transmitters or complying with anti-money laundering (AML) requirements. Law enforcement organizations—including the National Sheriffs’ Association and the National District Attorneys Association—have separately written to Congress warning that the provision would undermine efforts to combat financial crime; Senator Chuck Grassley, Chairman of the Senate Judiciary Committee, has likewise expressed similar concerns. The crypto industry, however, views the provision as central to the bill: Amanda Tuminelli, Executive Director of the DeFi Education Fund, has explicitly stated that no textual modifications to the provision will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are now pushing for revisions to the provision. If bipartisan agreement cannot be reached, the bill may advance without Democratic support—a scenario that could jeopardize its ability to secure the bipartisan majority required for passage on the Senate floor.
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US Senator Releases New Draft of Clarity Act, Adds High-Level Official Cryptocurrency Ethics Clause for the First Time
a US Senator has released a new draft of the Digital Asset Market Clarity Act (Clarity Act), merging two previously advanced versions from the Senate Banking Committee and the Senate Agriculture Committee, and for the first time, includes content related to ethics clauses. The ethics clause in the new draft proposes to prohibit senior government officials from sponsoring or issuing their personal cryptocurrencies. The bill has not yet been fully advanced, and it remains uncertain whether the key provisions will receive bipartisan support.
U.S. Democratic Senator: Republican CLARITY Act Ethics Clause Draft “Not a Serious Proposal”
U.S. Democratic Senator Ruben Gallego stated that he will work with Republicans to propose a counter-proposal regarding the ethics clause in the Digital Asset Market Clarity Act (CLARITY Act) that has been recognized by the White House. He stated that the draft published this week is “not a serious proposal.” U.S. Senate Republicans released the proposed text of the CLARITY Act on Wednesday, including an ethics clause that prohibits all U.S. federal officials, including U.S. President Donald Trump, from issuing or sponsoring any digital assets. Democrats believe the relevant ethics provision is insufficient. Republican Senator Bernie Moreno denied that the clause was weak, stating that the draft contains “the most powerful ethical language in American history.” Gallego stated that he will work with Senator Thom Tillis and other Republicans to advance a counter-proposal and submit new text for the clause.
Senator: Senate Will Not Pass Crypto Bill Without Ethics Clause
Odaily reports, Senator Kirsten Gillibrand stated at the Consensus conference that cryptocurrency market structure legislation will not receive a floor vote unless it includes an ethics clause. Gillibrand pointed out that it is necessary to prohibit members of Congress, senior government officials, and the President and Vice President from using their insider positions to profit in the crypto industry. Currently, multiple Democratic senators have expressed concerns about President Trump and his family's crypto connections. Bloomberg estimates that Trump has already profited at least $1.4 billion through crypto ventures. The bill had previously stalled in the Senate over issues related to stablecoin reward handling. While a compromise has now been reached, the ethics clause has become a new obstacle. Gillibrand stated that she is working with the White House and both parties to ensure the clause is included, and is also pushing for the addition of consumer protection and anti-terrorism financing provisions. The bill is expected to pass before the August recess.
U.S. Senate Divided Over DeFi Developer Exemption Clause, Delaying Progress of Crypto Bill
According to Politico, the U.S. Senate Banking Committee’s cryptocurrency bill—led by Chairman Tim Scott—has become mired in controversy over a provision designed to protect DeFi developers, making bipartisan consensus difficult to achieve. The contested provision would exempt non-custodial software developers who do not control users’ funds from registering as money transmitters or complying with anti-money laundering (AML) requirements. Law enforcement organizations—including the National Sheriffs’ Association and the National District Attorneys Association—have separately written to Congress warning that the provision would undermine efforts to combat financial crime; Senator Chuck Grassley, Chairman of the Senate Judiciary Committee, has likewise expressed similar concerns. The crypto industry, however, views the provision as central to the bill: Amanda Tuminelli, Executive Director of the DeFi Education Fund, has explicitly stated that no textual modifications to the provision will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are now pushing for revisions to the provision. If bipartisan agreement cannot be reached, the bill may advance without Democratic support—a scenario that could jeopardize its ability to secure the bipartisan majority required for passage on the Senate floor.