Huo Xing Finance reports that on August 1, according to crypto journalist Eleanor Terrett, the Trump administration is considering a bipartisan ethics counterproposal introduced by Senator Tillis and Representative Gallego, which would empower state attorneys general to sue the Department of Justice if it fails to enforce ethics laws against federal officials. The Clarity Act is a bipartisan bill on cryptocurrency market structure that has passed Senate committee review and includes compromise provisions on stablecoin yields; its fate may depend on the White House’s response to the ethics proposal this weekend, which will determine whether to proceed with a cloture vote. If an ethics compromise is reached, the Clarity Act is likely to advance, providing regulatory clarity such as Bank Secrecy Act exemptions for non-custodial developers; otherwise, certain provisions of the GENIUS Act may be triggered, increasing regulatory uncertainty around stablecoins.
The Trump administration is considering an ethics counterproposal; the Clarity Act may proceed.
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Summary
The Trump administration is considering a bipartisan ethics counterproposal from Senators Tillis and Gallego. The plan would allow state attorneys general to sue the DOJ if it fails to enforce ethics rules. The Clarity Act, a crypto market bill that has now cleared the Senate committee, could advance this weekend if the ethics issue is resolved. The bill includes rules for stablecoin yields and may provide CFT exemptions for non-custodial developers. If unresolved, provisions of the GENIUS Act may apply, introducing uncertainty around risk-on assets.
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