CLARITY Act Hits Ethics Roadblock Ahead of Recess

The CLARITY Act, a bipartisan bill aiming to establish long-awaited rules for digital asset markets, is stalled in the Senate over ethics provisions. The White House has not yet responded to a compromise proposal from Senators Thom Tillis and Ruben Gallego.

Coinbase CEO Brian Armstrong urged lawmakers to support the bill, calling it 'a bipartisan effort that would bring much-needed clarity' to regulating the crypto industry.

The dispute centers on enforcement of ethics rules, with Democrats seeking a way for state attorneys general to challenge DOJ inaction. If resolved, the bill could be passed before the August recess, but time is running out.