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FollowingDemocratic Senator Gallego warns: Rush vote on CLARITY bill may hinder the legislative process of the U.S. crypto market
Democratic Senator Ruben Gallego warned that rushing the CLARITY bill to the Senate for a vote may hinder the legislative process of the U.S. crypto market structure before lawmakers resolve ethical disputes and stablecoin earnings issues.
Gallego said at the SALT Wyoming blockchain seminar on Wednesday that the crypto industry should encourage Senate Democrats and Republicans to continue negotiations rather than push for an immediate vote. He pointed out that lawmakers still need to address the parts of the bill that the Agriculture Committee has jurisdiction over, integrate the broader package, and determine how to bring it to the House.
The warning complicates the Trump administration's efforts to push for quick passage-because a procedural vote could come before negotiators form a cross-party coalition and reach the Senate 60-vote threshold.
"Don't pursue fast voting," Gallego said."Fast voting will bring fast results, but I'm not sure that's the result you want." He added that Congress still had many steps to complete, and "any premature move would set the process back further."
Gallego: The White House has not yet responded to the ethics proposal
Gallego said he and Republican Senator Thom Tillis had submitted the compromise text of the ethics clause to the White House before Congress adjourned, but has not yet received a response one by one. He believes that strict enough moral restrictions are necessary to attract Democratic support and move the bill forward.
"We submitted plans to the White House repeatedly, and they either sent back blank responses, or even stepped back slightly, or there was no response at all." said Gallego.
(The White House was contacted about this matter, but no reply was received as of press time.)
The above remarks came as renewed pressure from the executive branch. On Wednesday, Trump urged Congress to pass a "fair version" of the CLARITY bill during a meeting with crypto industry executives at the White House.
Senate leaders have postponed action until September. Senate Majority Leader John Thune confirmed to reporters on August 7 that the Senate would "postpone" the vote and said the CLARITY bill would "take precedence" after lawmakers returned from recess.
White House encryption adviser Patrick Witt previously said the administration will negotiate with Democrats until a September vote, but "cannot wait indefinitely."
