As the Senate vote on the U.S. Digital Asset Market Structure Bill (CLARITY Act) approaches, Democratic lawmakers are adamant about including an ethics provision.
Meanwhile, Republican senators have expressed their intention to hold a Senate vote on the CLARITY Act before the August summer recess.
On Tuesday, the Intel Corporation Telegraph reported that Democratic senators Chris Murphy, Jeff Merkley, and Chris Van Hollen held a press conference to voice their opposition to the current version of the CLARITY Act. They emphasized that the bill lacks an ethics provision aimed at preventing former President Donald Trump’s involvement in virtual asset businesses.
The ethics provision is designed to address potential conflicts of interest related to the Trump family’s virtual asset ventures, which include the meme coin Official Trump and the decentralized finance (DeFi) project World Liberty Financial.
During the press conference, Senator Murphy argued that there’s no justification for passing regulations that fail to prevent Trump’s corruption in the virtual asset sphere. He stressed that without proper safeguards, the bill itself could become an act of fundamental corruption by legally shielding Trump’s questionable practices.
For the CLARITY Act to pass in the Senate, it requires more than 60 votes in favor. Subsequently, it must also secure approval from the House of Representatives.
While Republicans hold a slim majority in the Senate, the margin is narrow. Consequently, support from some Democratic senators is crucial for the bill’s passage.
The challenge lies in the fact that not only the senators present at the press conference, but also other Democratic lawmakers, have declared they will only back the CLARITY Act if it incorporates the ethics provision. This stance has gained momentum since reports emerged that President Trump earned 1.4 billion USD from his virtual asset businesses last year.
Despite these concerns, Republican senators remain committed to holding a Senate vote before the summer recess.
Senate Minority Leader John Thune announced plans to vote on the CLARITY Act before the state work period begins on August 10. However, as of Tuesday , the Senate schedule does not yet include this vote.