Odaily Planet Daily report: President Trump is weighing the CLARITY Act, a bipartisan ethical counterproposal, as Senate negotiators must finalize cryptocurrency conflict-of-interest rules before the August 7 recess. The bill proposes establishing a federal regulatory framework for crypto companies by dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). On July 29, Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted a state attorney general enforcement proposal to the White House. This proposal empowers state-level agencies to enforce the ban on federal officials issuing or sponsoring digital tokens, rather than leaving enforcement solely to the Department of Justice. The U.S. House of Representatives passed this version of the bill on July 17 by a vote of 294 in favor and 134 against, with over 70 Democrats voting yes. The Senate has not yet held a full vote; the bill requires 60 votes for passage. Even with full Republican support, at least seven Democratic votes would still be needed.
Trump Considers Bipartisan CLARITY Act Ethics Bill; Senate Must Secure 60 Votes by August 7
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Summary
Trump considers the bipartisan CLARITY Act to establish crypto regulations through the SEC and CFTC. The Senate must secure 60 votes by August 7. On July 29, Tillis and Gallego proposed an amendment allowing states to enforce crypto bans. The House passed the bill on July 17 with a 294–134 vote, including support from over 70 Democrats. The Senate vote is pending. CFT and risk-on assets may face potential regulatory shifts.
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