#ethics provision

[rwatimes]

Ethics a Barrier as Crypto Market-Structure Bill Heads to Markup

As lawmakers on the US Senate Banking Committee prepare to markup a major crypto market-structure bill this week, the fate of the Digital Asset Market Clarity Act (CLARITY) centers on whether an ethics provision can win broad bipartisan support. Democrats, who have historically u...

➤ The US Senate Banking Committee is preparing to markup the Digital Asset Market Clarity Act (CLARITY), but its passage hinges on a bipartisan agreement regarding an ethics provision. ➤ Democrats are insisting on strong ethics language to prevent conflicts of interest, while Republicans are open to negotiation but want a broader bipartisan framework. ➤ Despite a potential compromise on stablecoin yield, the ethics issue remains the central hurdle, with the bill's ultimate fate dependent on resolving this and reconciling with the House version.

[rwatimes]

White House Pushes July 4 Deadline for CLARITY Act as Gillibrand Demands Ethics Clause

The White House wants the CLARITY Act passed by July 4, but Senator Gillibrand says the bill will not move without an ethics provision targeting officials' crypto ties.

➤ The White House is pushing for the CLARITY Act to be passed by July 4th, aiming to establish a comprehensive regulatory framework for digital assets. ➤ Senator Gillibrand insists on an ethics provision targeting officials' crypto ties before the bill can move forward, creating a significant obstacle. ➤ Despite progress on a stablecoin yield compromise, the ethics and consumer protection clauses remain critical points of contention for the bill's timely passage.

[rwatimes]

Senate Crypto Legislation Hinges on Ethics Rules Targeting Officials’ Holdings

Sen. Gillibrand demands ethics provision banning officials from crypto holdings before CLARITY Act vote. Senate could act before August 10 recess.

➤ Senator Kirsten Gillibrand is demanding an ethics provision banning government officials from holding cryptocurrency before the Digital Asset Market Clarity Act can advance in the Senate. ➤ This provision would apply to members of Congress, cabinet officials, the President, and Vice President, aiming to prevent conflicts of interest and insider trading. ➤ A Senate vote is possible before the August 10 recess if negotiations on ethics, consumer protection, and AML requirements are resolved within seven days.