Summary
- Republicans and Democrats remain divided over the U.S. CLARITY Act and its approach to regulating digital-asset market structure.
- Senator Ruben Gallego, a Democrat, criticized the ethics provision in the Republican CLARITY Act amendment as "garbage" and "not a serious negotiation."
- Democrats and Senator Elizabeth Warren said the amendment does not do enough to prevent conflicts of interest tied to digital assets and leaves major loopholes around President Trump's crypto-related profits.
Forecast Trend Report by Period
Republicans and Democrats remain far apart over the CLARITY Act, a bill that would regulate the market structure for digital assets. A Democratic senator blasted the ethics provision in the Republican amendment.
Cointelegraph reported on July 24 that Senator Ruben Gallego called the ethics language in the Republican CLARITY Act amendment released this week "garbage" and "not a serious negotiation."
He added that it was hard to understand how Republicans could take months of joint discussions and interpret them that way in a formal proposal.
Senate Republicans released the amended CLARITY Act on July 22. The proposal included an ethics provision Democrats had demanded covering all federal officials and their spouses, including U.S. President Donald Trump.
Democrats say the ethics language in the amendment still falls short of preventing conflicts of interest. Senator Elizabeth Warren, who is known for her skepticism toward digital assets, said in a fact sheet released shortly after the amendment was unveiled that while it would restrict public officials and their spouses from issuing or endorsing digital assets, it leaves major loopholes by failing to limit profits Trump could earn through existing stakes in digital-asset businesses, licensing deals and family companies.
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