Senate CLARITY Act Vote Looms as White House Accepts Ethics Reforms
The US Senate is on the cusp of voting on the CLARITY Act, a comprehensive bill aimed at establishing a clearer federal regulatory framework for digital assets. The legislation has undergone significant revisions in recent days, with the White House accepting key parts of a bipartisan ethics proposal that addresses concerns over conflict-of-interest restrictions and enforcement powers.
President Donald Trump agreed to roughly 80% of an ethics framework negotiated by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego. This concession includes stronger rules surrounding significant crypto financial interests, including potential requirements involving divestment or blind trusts.
The revised CLARITY Act also addresses decentralized finance (DeFi) systems that are not sufficiently decentralized, requiring them to register with the Commodity Futures Trading Commission (CFTC) and comply with Bank Secrecy Act requirements. Credit unions will receive greater clarity around their ability to participate in digital asset activities.