Senate Democrats Reject Clarity Act Draft Amid Enforcement Concerns
Senate Democrats have rejected the ethics provision in the latest Clarity Act draft. They fault Republicans for turning months of talks into language they call far from a deal, saying it's not a serious effort.
Majority Leader John Thune cast doubt on Thursday that the crypto market-structure bill can pass before the August recess. Democrats are working on a counteroffer with Senator Thom Tillis and other Republicans.
The dispute centers on enforcement. Democrats won't accept an ethics provision with the Department of Justice as its sole enforcer, citing distrust of the Trump Justice Department to police the president.
President Trump's crypto ventures have been tied to more than $1 billion in income over the past year. A group of seven Democrats said the text falls short on consumer protection, illicit finance, and conflicts of interest.