Senate Seeks Final Clarity Act Version Amid Deadlock
The US Senate is facing a deadline to finalize a version of the Digital Asset Market Clarity Act, known as the Clarity Act. The latest text combines proposals from the House banking and agriculture committees with an added ethics clause.
The bill targets government officials' involvement in cryptocurrency activities, specifically prohibiting senior officials from sponsoring or issuing their own cryptocurrencies.
However, Democrats are resisting this version due to concerns that it does not go far enough. They argue that the Department of Justice would be unable to enforce rules against current President Donald Trump while he is in office.
The proposed rule would give Trump a year to sell his businesses related to cryptocurrency or place them in a blind trust. Democrats question this mechanism, fearing that the Department of Justice might not take action against Trump during his presidency.