The United States Senate received a new text of the Digital Asset Market Clarity Act, known as Clarity Act. The version brings together proposals previously approved by the House banking and agriculture committees.
The bill also includes, for the first time, an ethics clause related to the activities of government officials in the cryptocurrency market. The measure gained importance due to business linked to current U.S. President Donald Trump.
The text provides that senior government officials may not sponsor or issue their own cryptocurrencies. The proposal, however, still faces Democratic resistance, which seeks rules considered stricter.
The version currently accepted by the White House would allow Trump to have one year to sell his businesses related to the sector or place them in a blind trust. Enforcement of the rule would be the responsibility of the Department of Justice.
Democrats contest this mechanism because they do not trust that the Department of Justice would take measures against Trump while he is in office. They also question the end of the rule when a new president takes office.
Another point involves the tokens that already use Trump's name. Under the current wording, the president could continue receiving benefits related to these assets, while a clause addresses the use of name, image, and identity.
Senator Cynthia Lummis argues that the rule reaches various public officials and federal judges. White House counsel Patrick Witt also described the proposal as one of the broadest ethics measures ever accepted by an American president.
Even so, the election calendar increases pressure on lawmakers. Democrats may explore the more than US$ 1 billion associated with Trump's crypto businesses during the midterm legislative elections.
Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, said that the bill "should be dead on arrival," citing concerns related to investor protection, national security, and Trump's ties to cryptocurrencies.
The crypto industry, on the other hand, supports approval of the Clarity Act. The argument is that the bill would create clearer rules for cryptocurrency products and establish investor protection mechanisms.
The next important step should be the filing of a motion to proceed on Monday or Tuesday. If the procedure takes place by Wednesday, there would still be time for a vote before August 7, the last day of the summer session.
The process may include cloture votes to advance the new version of the bill and, later, for its final approval. Kristin Smith, president of the Solana Policy Institute, said: "Recess deadlines are powerful tools".
To meet this schedule, lawmakers will probably need to reach an agreement on the ethics clause by Thursday, July 30. The Senate also needs to vote on other matters, including nominations for public positions and bills related to sanctions against Russia and Iran.
Among the nominations is that of Jay Clayton, former chairman of the Securities and Exchange Commission, for the position of Director of National Intelligence. The number of items on the agenda may reduce the time available to complete the vote on the Clarity Act before the recess.