The US Senate has reminded that one of the obstacles to the adoption of the key local crypto market bill, the CLARITY Act, remains the conflict of interest of US President Donald Trump concerning his crypto business. Senator Democrat Ruben Gallego, a key participant in the negotiations on the bill, pointed out that several versions of the ethics provision have been sent to Trump, but to no avail, reports The Block.
"We sent proposals to the White House again and again, but we either received no response or a response after a long delay," said Gallego.
On Wednesday, August 19, at an event at the White House, where heads of departments and large crypto companies were invited, Trump stated that Congress needs to "take the next step" by approving the CLARITY Act, which has been postponed until autumn. Against the background of his statements, the Bitcoin rate rose to $70 thousand, updating the maximum since the beginning of summer.
The expansion of Trump's business interests in the crypto industry and the growth of income from them raise concerns among some congressmen. The focus has been on the meme coin Trump Official Trump (TRUMP) and the crypto project of his family, World Liberty Financial. According to financial statements published in June, Trump earned almost $1.5 billion from crypto.
In July, Trump agreed to a ban for civil servants on issuing and financing crypto assets. The text of the provision states that its enforcement will be carried out by the Department of Justice, and the provision itself will be in effect until 2029.
This formulation drew criticism from Democrats who said it was insufficient. The latest version suggests that these rules will be enforced by state attorneys general.
A preliminary procedural vote on the CLARITY Act in the Senate is scheduled for September 15. To pass this procedure, the bill needs to receive 60 votes.
According to Gallego, for this to happen, "it is necessary to adopt competent legislation in the field of ethics, as well as resolve some unresolved issues." Among them are the regulation of stablecoin yields and concerns that the bill is not effective enough in combating illegal activities.
"There are certain political forces that would prefer not to let this issue become a political problem both from the left and from the right. There are also those who want to govern the country, want to 'land this plane' and continue to implement innovations in the world," said Gallego.
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