Tillis Pushes Bipartisan Ethics Package to White House Ahead of Clarity Act Vote

Senator Thom Tillis is pushing to finalize and send a bipartisan ethics package for the Clarity Act to the White House by Friday, July 29. He has reached a preliminary agreement with Democratic Senator Ruben Gallego on the approach to ethics provisions in the act.

Tillis aims to have the language vetted with the administration on Friday, but he emphasized that 'there's a lot that needs to go right before' it can be passed. Despite this optimism, key Senate Democrats haven't ruled out voting for a procedural motion next week to begin consideration of the Clarity Act.

Meanwhile, Republican Senator Cynthia Lummis has criticized her Democratic colleagues for holding up the bill, stating 'I genuinely don't know what else my Democrat colleagues need before we act.' The Clarity Act has garnered support from Jack Dorsey's Block, which sent a letter urging Senate leaders to bring the bill to a floor vote.

The US regulators are building a backup plan for crypto rules as the Clarity Act faces an uncertain future. Project Crypto aims to define crypto assets and create clearer rules for staking, stablecoins, custody, fundraising, and onchain trading.