Gallego Slams CLARITY Act as 'Not a Serious Effort'

Democratic Senator Ruben Gallego called the Trump-backed CLARITY Act crypto ethics proposal “not a serious effort.” Gallego had supported the bill in committee. He now plans to work with Republicans on a counterproposal.

The bill, which sets rules for digital assets, passed the House and the Senate Banking Committee. An ethics provision added by Republicans became the sticking point. Gallego’s reversal means the bill’s path to 60 votes in the Senate is uncertain. Goldman Sachs CEO David Solomon backed the CLARITY Act last month.

Gallego did not say when he would introduce the counterproposal.