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FollowingThe Trump White House refuses to refuse to appoint Democratic commissioners, alleging that the Senate is about to discuss the CLARITY bill.
The White House said it has requested nominations for Democratic candidates to the Securities and Exchange Commission and the Commodity Futures Trading Commission, but has not yet received any names. As the Senate approaches debate the CLARITY bill, negotiations continue, with lawmakers discussing issues such as ethics rules, DeFi provisions and regulatory appointments.
The White House denies refusing to appoint Democratic commissioners.
According to letters sent by the White House to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer, the administration said it had requested appropriate Democratic nominations for the SEC and CFTC, but received no response. The letter refutes criticism that the government has deliberately left vacant two regulatory agencies that are expected to oversee most areas of the digital asset market if the CLARITY Act becomes law.
Because the Senate has not yet scheduled a full vote on the market structure bill, the debate over regulatory appointments has added new issues to negotiations that are facing time pressure. Earlier reports said that lawmakers were rushing to advance legislation before the Senate\'s August 7 recess, with a limited time window.
Continue negotiations before Senate vote
Although the White House defended its nomination position, it was unclear whether the disagreement would affect support for the CLARITY bill. Lawmakers from both parties are still negotiating a number of outstanding provisions, including ethics provisions that have become part of broader negotiations. In addition, law enforcement agencies believe that the bill\'s decentralized finance provisions may make investigating illegal finance more difficult. These concerns became another focus of discussion among senators as they continued to negotiate the final text before voting.
Meanwhile, the debate on blockchain developer protection continues. Democratic Senator Ron Wyden urged Thun and Schumer to retain Section 604, the \"Blockchain Regulation Definiteness Act,\" in any future version. In a letter to Senate leaders, Wyden said legal protection for unmanaged blockchain developers should be retained as part of the legislation while negotiations are ongoing.
Senators who support cryptocurrencies defend key provisions
On the other hand, Senator Cynthia Loomis publicly defended the CLARITY bill after Elizabeth Warren criticized the proposal. Warren believes the bill will create opportunities to circumvent sanctions. Loomis responded on Platform X that both lawmakers want to hold bad actors accountable, but are divided on how to achieve this goal. She pointed out that Section 303 would authorize new cryptocurrency sanctions against Iran, while Section 305 would allow large cryptocurrency exchanges to intercept illicit funds before they reach North Korea.
\"We all want to hold bad actors accountable. The difference is, I\'m trying to find a solution, and you\'re just shouting into the void, hoping that the status quo will fix itself. Section 303 imposes new cryptocurrency sanctions on Iran. Section 305 allows exchanges to intercept illegal funds before they flow into North Korea.\"
Loomis also warned that Congress may not have another opportunity to pass comprehensive digital asset legislation before the end of the decade. She said in an earlier X post that if the CLARITY bill fails to pass, the United States will have to follow rules set by other countries rather than establish its own regulatory framework.
Currently, the White House\'s defense of its nomination process, ongoing negotiations on key provisions, and the different views of lawmakers form the political background for the Senate to advance this bill that has attracted much attention from the crypto industry.
