Trump Ethics Deal Threatens Clarity Act Push

Republicans and the crypto industry have started a sales campaign that casts Democrats as the obstacle. The White House official said that if Senate Democrats block the legislation after the administration accommodated their concerns, "stakeholders should make no mistake: It is the Democrats who are blocking this legislation because they were never serious about a legislative outcome."

Treasury Secretary Scott Bessent added his voice, saying lawmakers stood at the "1-yard line" on the Clarity Act and urging passage before the recess.

Democratic negotiators including Senators Kirsten Gillibrand, Ruben Gallego and Angela Alsobrooks have not seen the Trump agreement. Gallego and Alsobrooks voted to advance the bill out of the Senate Banking Committee in May but said they would not back final passage without an ethics provision. An earlier amendment from Senator Chris Van Hollen to bar the president, vice president and members of Congress from crypto business ties failed 11-13.

Industry officials expect full circulation of the legislative text this week, according to CoinDesk. The Senate has fewer than three weeks to finish the bill before Majority Leader John Thune's August 7 deadline, when lawmakers break for reelection campaigns. Galaxy Research puts the odds of passage at 50-50.