Senators Thom Tillis and Ruben Gallego wrapped up revisions to the ethics section of the Clarity Act just days before the Senate’s August recess. This rewritten part targets conflicts of interest, aiming to prevent senior officials from having direct stakes in crypto projects.
Sources told CoinDesk that the exact language remains under wraps, with few in Congress having seen the draft. The provision is clearly designed with former President Donald Trump’s crypto dealings in mind, especially after disclosures revealed his family could net over $1.4 billion from crypto in 2025.
Last week, Trump accepted ethics constraints, but critics argue these depend too heavily on enforcement by a Justice Department led by his own appointees. The push for tougher rules gained momentum amid growing scrutiny of crypto ties and conflicts.
Beyond ethics, the Clarity Act faces headwinds on measures addressing illicit finance, stablecoin reward programs, and DeFi developers, stirring debate among stakeholders. Senate Majority John Thune mentioned in a Fox News interview that a Senate vote might happen before the recess, but Democrats still need to deliver enough votes for cloture, which requires multiple approvals and a 30-hour debate window.
This information is for educational purposes and not financial advice.
