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US Senators propose crypto bill ethics changes to White House

Created at 30 Jul · 10:06 PM1 source↑ Market-relevant
IN SHORT

US Senators Thom Tillis and Ruben Gallego have reportedly sent revised ethics guidelines to the White House as part of ongoing discussions for a cryptocurrency market structure bill. The proposed changes aim to address concerns from lawmakers regarding federal officials and token regulation.

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Key Numbers

60Senate vote threshold for bill passage

Who's Involved

Thom Tillis
US Senator proposing crypto bill ethics changes
Ruben Gallego
US Senator proposing crypto bill ethics changes
Donald Trump
US President
Mitch McConnell
US Senator, currently absent

↳ Why This Matters

These proposed changes to the CLARITY Act's ethics provisions are critical for potentially securing the necessary bipartisan support to pass comprehensive cryptocurrency regulation in the US, addressing lawmaker concerns about conflicts of interest and regulatory oversight.

Key facts

  • US Senators Thom Tillis and Ruben Gallego have sent revised ethics guidelines to the White House.
  • The proposed changes are part of the Digital Asset Market Clarity (CLARITY) Act.
  • The revisions would shift enforcement of a ban on federal officials issuing or sponsoring tokens from the US Attorney General to state authorities.
  • Senator Ruben Gallego previously stated that ethics, consumer protection, illicit finance, conflicts of interest, and market integrity provisions must be strengthened.
  • The CLARITY Act requires bipartisan support to pass the Senate before the upcoming recess.

Two US senators, Thom Tillis and Ruben Gallego, have reportedly submitted revised ethics guidelines to the White House as part of ongoing negotiations for a cryptocurrency market structure bill, known as the Digital Asset Market Clarity (CLARITY) Act. The proposed changes, detailed in a PunchBowl report, would shift the authority for enforcing a ban on federal officials issuing or sponsoring tokens from the US Attorney General to state authorities.

Senator Gallego has previously emphasized the need to strengthen provisions related to ethics, consumer protection, illicit finance, conflicts of interest, and market integrity within the bill. The revisions are intended to garner broader support from Senate Democrats, some of whom have expressed reservations about the initial draft, particularly concerning potential conflicts of interest and regulatory control under President Donald Trump.

The CLARITY Act faces a challenging path to passage, requiring a 60-vote threshold in the Senate. With Republicans holding a slim majority and Senator Mitch McConnell currently absent, securing Democratic votes is crucial. The report indicates that the proposed ethical revisions could be key to achieving this bipartisan consensus before the Senate's upcoming month-long recess.

Frequently asked questions

The CLARITY Act is a proposed cryptocurrency market structure bill in the US Congress that aims to establish clearer regulations for digital assets.

The proposed changes would allow state authorities, rather than the US Attorney General, to enforce a ban on federal officials issuing or sponsoring tokens.

Some lawmakers have concerns about potential conflicts of interest and regulatory control, particularly regarding President Donald Trump's influence over the industry.

The bill needs 60 votes to pass the Senate, requiring bipartisan support. Republicans hold a slim majority, and Democratic votes are essential.

What Happens Next

01The White House is expected to review the revised ethics guidelines.
02Further negotiations will likely occur between senators and the administration.
03The CLARITY Act must gain sufficient support to pass the Senate before the recess.

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Cadence

How It Developed

US Senators Thom Tillis and Ruben Gallego submitted revised ethics guidelines to the White House.
The changes are part of discussions for a cryptocurrency market structure bill.
The revisions would allow state authorities to enforce a ban on federal officials issuing or sponsoring tokens.
This change aims to address concerns from lawmakers regarding federal officials' role in token regulation.
The CLARITY Act requires 60 Senate votes to pass, necessitating Democratic support.

Sources

T1
US Senators sent revised ethics rules to White House for CLARITY Act: ReportThe window to pass a comprehensive crypto market structure bill before the Senate breaks for a month-long recess is closing, with ethics a dividing issue for many lawmakers.Cointelegraph

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