CLARITY Act Fails to Gain Momentum as Senate Vote Looms
The CLARITY Act is facing an uncertain future in the Senate after Republican lawmakers expressed doubts about its passage. The bill, which aims to regulate the crypto industry, has been stalled over disagreements on presidential ethics and stablecoin rewards.
Talks between Republicans and Democrats have made little progress, with two Democratic aides stating that negotiations are at a standstill. Senator Mike Rounds said things were looking bleak, while Senator Thom Tillis warned that there was no chance the bill could pass without movement from the White House on the ethics issue.
The CLARITY Act has been criticized for not addressing some companies owned by relatives of President Trump. Democrats believe there should be strict restrictions on money made through cryptocurrency by presidents and their immediate family members during their tenure, while Public Citizen argues that divestment should take place in businesses with conflicting interests.