US Lawmakers Race Against Deadline for Cryptocurrency Rules Bill

The fate of the CLARITY Act hangs in the balance as US lawmakers face a tight deadline to finalize an agreement on cryptocurrency rules. The bill aims to prevent high-ranking government officials from maintaining direct stakes in ventures linked to cryptocurrencies, with a focus on President Donald Trump's businesses.

Trump recently agreed to accept a more limited version of these restrictions, which drew the attention of part of the cryptocurrency industry. Democratic lawmakers argue that the current text does not require significant changes on Trump's part, and would also reduce the possibility of effective oversight by a Department of Justice led by appointees of the government itself.

Republican Senator Thom Tillis and Democratic Senator Ruben Gallego are working to eliminate the final deadlocks, with sources linked to the negotiations saying both found a new point of convergence. However, the time factor has become one of the biggest challenges for supporters of the CLARITY Act, with only seven days remaining until the start of the August recess.

Industry representatives, including Coinbase CEO Brian Armstrong, express confidence in the progress of the negotiations, but part of the industry has already begun to focus its expectations on September. If the Senate is unable to vote on the proposal in September, the future of the legislation could become more uncertain, with a possible change in the composition of Congress after the elections leading to a complete reformulation of the bill.