White House Concessions Secure Crypto Bill Progress
The White House has agreed to updated ethics language in the Clarity Act, which is crucial for passing a key vote on the cryptocurrency regulation bill in the Senate. This provision, which prohibits public officials from issuing or sponsoring digital assets, can be enforced by both state attorneys general and the Department of Justice (DOJ) under revised language.
The updated language was released by Senate Republicans late Sunday, following intense daily bipartisan negotiations that have been ongoing for a year. According to Senator Cynthia Lummis (R-Wyo.), 'After a year of intense daily bipartisan negotiations, this bill is ready.'
Democrats had long sought an ethics provision in the Clarity Act due to concerns about President Trump's involvement in the crypto industry. While the White House agreed to such language in late July, Democrats pushed back on the decision to put the DOJ in charge of enforcement.