Crypto▼ Bearish
Senator Warns Rushing CLARITY Act Vote Could Backfire
Sen. Gallego says the White House hasn't responded to ethics compromise language, leaving the crypto bill's path uncertain as the September vote deadline approaches.
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Senator Ruben Gallego told the crypto industry Wednesday to stop pushing for a fast vote on the CLARITY Act. The Arizona Democrat spoke at the SALT Wyoming Blockchain Symposium. A quick vote would produce a quick result, he said, and that result might not be the right one. Early movement could set the bill back instead of helping it forward.
The CLARITY Act would set rules for digital assets in the United States. It splits oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Agriculture Committee's part of the bill still needs work, Gallego said.
Gallego said he and Republican Senator Thom Tillis sent compromise language on ethics rules to the White House before Congress left for recess. The goal was to build protections strong enough to bring more Democrats on board. The White House has not given a clear answer, Gallego said. Responses came back blank or weaker than what was sent, he said.
The White House did not respond to a request for comment before publication.
Senate Majority Leader John Thune confirmed on August 7 that the chamber was delaying the vote. He said the CLARITY Act would be one of the first items taken up when the Senate returns from recess in September.