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FollowingAfter months of deadlock, the most influential encryption bill in the United States was substantively close to becoming law on July 20.
An industry source confirmed to the media that President Donald Trump agreed to include the ethics clause in the Clarification Act that night. The agreement resolved the last remaining obstacle to the bill. The Clarification Act will be the first legislation to comprehensively regulate the U.S. digital asset industry at the federal level, assigning some jurisdiction to the U.S. Securities and Exchange Commission and giving broader jurisdiction to the Commodity Futures Trading Commission.
"We now learn that Trump has agreed to an ethics clause," an industry source said.
Analysis of the Moral Dispute
The core of this moral debate is the intersection of Trump's own financial interests and the bill he is required to sign. His memoin and his family business World Liberty Financial have been receiving constant attention. Financial disclosures released last month showed Trump received millions of dollars in revenue from WLFI, further fueling the debate over moral safeguards.
The terms being negotiated are intended to limit the way presidents, vice presidents, members of Congress and other federal officials can profit from digital assets during their term. Lawmakers and the White House have spent most of the past year negotiating the specific scope of the terms.
On July 16, Trump met with Republican Senators Bernie Moreno and Cynthia Loomis and White House encryption consultant Patrick Vitter to discuss the clause directly, but no agreement was reached. Final approval was reached later on July 20.
It has been previously reported that some Democrats rejected a version of the ethics clause shared with the president before the meeting. Industry insiders reported on the agreement on July 20 and pointed out that Democratic lawmakers had not yet seen the final text.
A source familiar with the process said the text of the bill may be released soon, but it may also be slightly delayed. The source said waiting longer before publishing the text would help improve the likelihood of gaining bipartisan support.
The Senate is running out of time
The Senate needs to hold a full vote before the first week of August. If the bill passes, it will return to the House and then be submitted to Trump's desk for signature. Any delay in the release of the final text would shorten the time for debate and amendments.
Patrick Vitter, who led the White House's encryption legislation, was scheduled to leave office this week to participate in mandatory training for the Georgia Army National Guard. He posted on July 20 stating that training had been postponed, allowing him to continue participating in the critical final stage of the negotiations.
In a separate post, Witt's deputy, Harry Jung, said he would leave his White House role in crypto affairs in about two weeks. "It's a huge honor to serve for the president's administration and work with David Sachs on the White House Encryption Committee," Jung said."The past two years have changed the U.S. position on encryption. I am proud of what we have achieved. "
