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White House Urges Senate Democrats on Ethics Deal for Crypto Act
White House pushes Senate Democrats to accept ethics deal for crypto Clarity Act, which needs 60 votes before the August recess. Schumer and Scott hold the keys.
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The White House called on Senate Democrats to support President Trump's ethics deal, a step needed to advance the Digital Asset Market Clarity Act. The bill passed the House and cleared the Senate Banking Committee. An impasse over ethics rules for government officials' crypto holdings has blocked a floor vote. Sponsors need 60 votes to break a filibuster.
The Clarity Act would give U.S. crypto exchanges and issuers a federal regulatory framework. Right now, a state-by-state patchwork and SEC enforcement actions dominate. A clear federal rulebook could lower compliance costs and attract institutional capital. Failure to pass leaves the current uncertainty in place.
The August recess creates a hard deadline. Majority Leader Chuck Schumer and Banking Committee Chairman Tim Scott control the calendar. Any shift in Democratic position on the ethics provisions, or a statement from Trump or the White House, would signal whether the path is open. Without a deal in the next two weeks, floor consideration likely slips to September.