Updated language inside CLARITY Act He appeared yesterday in an attempt to persuade Democratic members of the Senate to support the legislation. New language covering ethics was added to mollify members who claimed President Trump’s involvement should be addressed. Unfortunately, it appears that the attempt at appeasement was inadequate, and perhaps the Democrats will never be satisfied, and the entire attempt at compromise was just political theatre.
Amanda Fisher, Policy Director/COO Better Marketsa left-wing advocacy group targeting markets, described as ethical ridiculous.
“Quick analysis of the ridiculous “ethics” language in this draft: – POTUS can continue to profit from existing crypto ventures – He has a plus year to blindly entrust his crypto ownership interests – There are no restrictions on earning trading fee income or reserve asset income.”
Adding:
“Not much changes regarding Trump’s current crypto scams. There’s no need for a purge. Maybe he can stop new crypto scams, but it’s up to his personal lawyer Todd Blanche to implement it. The amnesty will go into effect as soon as the new POTUS is inaugurated.”
Todd Blanche He is the deputy attorney general of the United States.
Democratic Senator Elizabeth Warren, long-time detractor of the digital asset industry, stated:
“The new draft of the Senate GOP crypto bill does nothing to stop President Trump from making his next $1.4 billion in crypto. This will further Trump’s crypto fraud. This bill should stand when it comes.”
Punchbowl News shared Here is a list of seven Senators who will not support the current bill. Democratic Senators include: COry Booker, Angela Alsobrooks, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper, Mark WarnerAnd Raphael Warnock
Gallego had previously supported an earlier version of the bill on the Senate Banking Committee, as did Alsobrooks.
“The text of the Republicans’ proposed CLARITY Act falls short in its current form. Key provisions need to be strengthened, including those addressing ethics for elected officials, consumer protections, illegal financing, conflicts of interest, and market integrity. We have worked in good faith with our Republican colleagues over the past year, and we will continue to work to get this across the finish line.”
Brian ArmstrongCEO of Coinbase (NASDAQ:COIN) appealed to X and said that the bill should move forward with a floor vote. This will test Democrats and see who wants to go on record about failing to support crypto market infrastructure legislation.
“The bill represents a true bipartisan compromise, with thousands of hours of work on both sides, and it couldn’t come at a better time. The status quo in the US isn’t working. There’s no federal framework, so bad actors like FTX can harm US customers, and much of the industry has been offshored, entirely outside US jurisdiction. This bill fixes that with strong consumer protections, real tools for law enforcement, and a way for America to lead in this industry. Crypto couldn’t have been invented for that matter. So whether you love crypto or not Whether you hate crypto, you should want clear federal laws It’s also good policy: 70% of American voters say the US should already have passed comprehensive crypto legislation.
Armstrong once warned that Coinbase would continue to innovate outside the US if new rules were not adopted.
Senate Leader John Thune appears ready to bring the legislation to a vote. This could shorten the time needed for any negotiations if Democrats are willing to compromise and also establish whether they truly want to protect consumers while enabling digital asset innovation. To avoid the filibuster, 60 senators need to support the bill; This means Democrats are largely opposed to digital asset innovation.
As we mentioned before, time is running out.
