President Donald Trump is weighing a bipartisan ethics counterproposal tied to the CLARITY Act, while Senate negotiators work to settle crypto conflict-of-interest rules before the chamber’s Aug. 7 recess. The bill is designed to create a federal framework for crypto companies by dividing oversight between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. On July 29, Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted a state-attorney-general enforcement plan to the White House. The proposal would let state-level authorities enforce a ban on digital tokens issued or sponsored by federal officials, instead of leaving related violations solely to the Department of Justice. The House already passed its version of the bill on July 17 by a 294-134 vote, with backing from more than 70 Democrats. The Senate has not yet held a full floor vote. The measure needs 60 votes to pass, meaning that even with full Republican support, at least seven Democratic senators would still need to vote yes.
President Donald Trump is weighing a bipartisan ethics counterproposal related to the CLARITY Act, with Senate negotiators facing an Aug. 7 deadline before recess to finalize rules on crypto conflicts of interest.
The legislation would establish a federal rule framework for crypto companies by splitting responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
State attorney general enforcement plan sent to the White House
On July 29, Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted a state-attorney-general enforcement plan to the White House. Under that proposal, state authorities would be allowed to enforce a ban on digital tokens issued or sponsored by federal officials, rather than leaving related violations solely to the Department of Justice.
House passed its version, Senate vote still pending
The U.S. House of Representatives passed its version of the bill on July 17 by a 294-134 vote, with more than 70 Democrats voting in favor.
The Senate has not yet held a full chamber vote. The bill needs 60 votes to pass, and even if all Republicans support it, at least seven Democrats would still need to vote yes.
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