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FollowingThe CLARITY Act is close to Senate vote, and ethical controversy continues
U.S. Senate negotiators are finalizing the final text of the CLARITY Act, with ethics provisions still the main unresolved issue. Lawmakers hope to push for a Senate vote before the August recess, provided they have enough bipartisan support.
stablecoin policy and cryptocurrency tax reform are expected to become legislative priorities after the CLARITY Act.
Ethics debate delays final bill
According to Summer Mursinger, a former member of the Commodity Futures Trading Commission and CEO of the Blockchain Association, the Senate Banking Committee and the Agriculture Committee are merging their respective versions of the CLARITY Act into one proposal. She said lawmakers were still working on remaining issues to move the bill onto the Senate agenda.
It is worth noting that the ethical clause remains the biggest outstanding issue. Democrats believe elected officials should be restricted from issuing or promoting digital assets. CNBC reported that Senate leaders hope to hold a vote before lawmakers enter their August recess. Democratic support, however, depends largely on the ethics provisions ultimately included in the bill.
Senator Mark Warner said the ability of elected officials, including the president, to profit from cryptocurrencies should be limited. At the same time, Senator Bernie Moreno noted that the proposal would prohibit elected officials from issuing or promoting digital assets, but that restriction would not extend to family members.
Senate plans to vote before August recess
Mursinger said she expected the Senate to vote as early as next week. She added that supporters still need to fight for enough votes to overcome the Senate's 60-vote closing debate threshold. According to Mursinger, lawmakers are in final negotiations after President Trump met with Republican lawmakers to discuss ethics terms. She described the legislation as "at the last yard line before hitting ground."
In addition, commentator Mark Chadwick claimed on social media that the CLARITY Act was delayed due to Trump's reported cryptocurrency revenue. He also said the bill would prohibit elected officials from issuing or promoting digital assets.
stablecoin rules and tax reform remain priorities
In addition to current negotiations, Mursinger also responded to concerns about stablecoin gains and opposition from the banking industry. She said the bank was still lobbying lawmakers, but she believed previous negotiations had resolved most issues. She also refuted the idea that stablecoins would lead to a large-scale loss of traditional bank deposits. Finally, Mursinger pointed out that after stablecoins and the CLARITY Act, cryptocurrency tax reform will be the next important legislative priority.
