Gallego Slams Trump-Backed Clarity Act as 'Not a Serious Effort'

Democratic Senator Ruben Gallego has publicly criticized the Trump-backed CLARITY Act, calling it 'not a serious effort'. The bill aims to establish a regulatory framework for digital assets but has yet to become law. Gallego initially supported the bill in committee, but now plans to work on a counterproposal with Republicans.

The ethics provision added by Republicans appears to be a significant point of contention for Democrats, suggesting challenges in securing Democratic votes and hindering the bill's progress. Market pricing indicates a decrease in the likelihood of the CLARITY Act being signed into law by the end of 2026.