Crypto Legislation Stalled Over Ethics Disagreements
Efforts to pass the Clarity Act have stalled due to disagreements over ethics language related to President Donald Trump's potential financial gains from crypto ventures.
The Senate's push for the legislation hit a snag when Democrats rejected the White House-backed proposal, prompting bipartisan negotiations on a revised plan.
The original proposal would bar senior federal officials, including the president, from issuing or sponsoring digital assets while in office and give the Department of Justice exclusive authority to enforce ethics rules.
Democrats are concerned that leaving enforcement exclusively to the DOJ may not be sufficient, with Sen. Ruben Gallego describing the language as inadequate after months of bipartisan negotiations.
Gallego is now working alongside Sen. Thom Tillis and other Republican senators to draft a counterproposal that will be presented to negotiators.