CLARITY Act ethics talks reach White House with revised Senate proposal

Senate negotiators have reportedly proposed revised ethics language for the CLARITY Act that would let state authorities enforce restrictions on federal officials’ crypto activities as bipartisan talks continue before the August recess. Summary Senators Thom Tillis and Ruben Gallego have reportedly proposed new CLARITY Act ethics rules that would allow state authorities to enforce restrictions on federal officials’ crypto activities. The reported changes address Democratic concerns over leaving enforcement solely to the Department of Justice. The revised ethics proposal comes as Senate negotiators continue seeking enough Democratic support to advance the crypto market structure bill. Treasury Secretary Scott Bessent has urged the Senate to vote on the CLARITY Act before the August recess as time to pass the legislation narrows. According to Punchbowl News, Republican Sen. Thom Tillis and Democratic Sen. Ruben Gallego have submitted a counterproposal to the White House that changes how the ethics provisions in the Digital Asset Market Clarity (CLARITY) Act would be enforced. Instead of giving the U.S. Attorney General sole enforcement authority, the proposal would allow state author...