The unified version of the Clarity Act — which one person said would have added more than 70 pages of text — has yet to solidify a position on the main sticking point: a Democratic-demanded restriction preventing top government officials (including the president) from having business ties to the crypto industry. Without compromise on these ethical boundaries, several lawmakers said they would not vote yes on the final bill.
The merged text that could be released next week will not represent a simple combination of the two bills that the respective committees voted on earlier this year. Members of both committees have negotiated on outstanding issues – the Agriculture Committee more so, given that the bill was voted out of committee on strictly partisan lines – and the updated bill would reflect the results of that process, with a greater emphasis on consumer protections.
Supporters of the bill expect it to go before the Senate as early as the week of July 20, although lawmakers still have much work to do.
Beyond ethics, outstanding issues include federal preemption, and negotiators have yet to reach a final agreement on filling the Securities and Exchange Commission and Commodity Futures Trading Commission. Earlier Thursday, the White House sent a letter to Senators John Thune and Chuck Schumer, Senate Majority and Minority Chairs, respectively, saying Democrats had not proposed any names for minority roles on those committees.
