The Clarity Act will need to be sold to a large number of Democrats in the coming days if it is to get out of the Senate before Congress’s summer recess and focus on this fall’s midterm elections. Although a new, potentially final draft is expected as soon as Tuesday, it still lacks a resolution on what could be the last and most important sticking point: an article that prohibits high-ranking government officials – including the president – from personally engaging in the crypto industry.
This ethics provision remains at the forefront of the debate, and many Democrats have said they cannot vote for a clarity law that does not contain it. Those wishes also came from Democrats who were at the negotiating table and voted yes on the bill when it was approved by the Senate Banking Committee.
“If this system doesn’t end Trump’s corruption of the entire industry, this bill is worthless,” said Murphy, who was not among the Democrats at the negotiating table with Republicans. “If it protects Trump’s dominance over an industry that he will have more control to regulate, in fact, the bill is, in itself, fundamental corruption if it gives Trump’s corruption the protection of the law.”
