Senator Ruben Gallego cautioned against rushing the CLARITY Act to a Senate vote, stating that unresolved disputes over ethics and stablecoin yield could set back U.S. crypto market structure legislation. He urged continued negotiation rather than an immediate vote.
The CLARITY Act represents a significant legislative effort to establish a framework for cryptocurrency regulation in the United States. Senator Gallego's warning suggests that political maneuvering and unresolved policy details could delay or derail these efforts, impacting the future of the U.S. crypto market.
Senator Ruben Gallego has cautioned that rushing the CLARITY Act to a Senate vote before resolving disputes over ethics and stablecoin yield could impede progress on U.S. crypto market structure legislation. Speaking at the SALT Wyoming Blockchain Symposium, Gallego advised the crypto industry to encourage continued negotiation between Senate Democrats and Republicans rather than pushing for an immediate vote.
Gallego highlighted that several steps remain, including addressing the bill's Agriculture Committee portion, assembling the broader package, and determining its transmission to the House. He expressed concern that any premature movement could set the legislation back further, stating, "Don’t go for a fast vote... A fast vote gets you a fast result, but I’m not sure it’s the result you want."
The senator also revealed that he and Republican Senator Thom Tillis had submitted compromise ethics language to the White House prior to the congressional recess but had not yet received a detailed response. Gallego emphasized the necessity of robust ethics restrictions to secure Democratic support.
These remarks come amid renewed pressure from the Trump administration, which has urged Congress to pass a "fair version" of the CLARITY Act. Senate leaders have postponed action until September, with Senate Majority Leader John Thune confirming that the vote would be scheduled for "first thing" after lawmakers return from recess. White House crypto adviser Patrick Witt indicated that while negotiations would continue, the administration "can’t afford to wait forever."