Summary
- Two bipartisan U.S. senators submitted a proposal to the White House to revise the ethics provisions of the CLARITY Act, a digital-asset market structure bill.
- The amendment would transfer enforcement authority over a ban on token issuance and sponsorship by federal officials from the U.S. attorney general to state authorities.
- Support from some Democratic senators remains crucial to secure the 60 votes needed for passage of the CLARITY Act.
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Two U.S. senators, one Republican and one Democrat, have sent the White House a proposal to revise the ethics provisions of the CLARITY Act, a digital-asset market structure bill, Cointelegraph reported on July 30.
Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted the proposed amendment to the Trump administration, according to the crypto news outlet.
The proposal would transfer enforcement authority over a ban on federal officials issuing or sponsoring tokens from the U.S. attorney general to state authorities. The change amounts to a compromise after the original draft drew criticism for concentrating too much power at the federal level.
Gallego previously said provisions covering ethics, consumer protection, illicit finance, conflicts of interest and market integrity must be strengthened. He has also said he would work with Republicans to advance the bill.
The amendment is aimed at winning support from Democrats who have taken a cautious stance on the CLARITY Act. Some Democratic lawmakers have continued to raise conflict-of-interest concerns, saying they would not back legislation that could expand President Donald Trump's influence over an industry he would regulate.
Republicans hold 52 seats in the U.S. Senate, while Democrats hold 47. The bill needs 60 votes to pass, so it will require support from some Democratic senators.
YM Lee
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