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The process for the Clarity Act, one of the most important legislative proposals for cryptocurrency regulation in the US, is gaining momentum.
Whether or not stablecoins should offer interest or similar returns has been the biggest obstacle to the passage of the law to date and the biggest point of disagreement between traditional banking and the cryptocurrency sector.
Although some progress has been made recently with a compromise on stablecoin interest payments, the banking sector argues that this is still insufficient.
Following the interest yields on stablecoins, the demand for an ‘ethical clause’ is emerging as the second important variable. Some Democratic lawmakers are questioning the connection between President Donald Trump and his family’s cryptocurrency businesses and are calling for regulations to prevent conflicts of interest.
At this point, Democrats who value ethical principles may withdraw their support for the Clarity Act, also known as the Transparency Act, due to ethical concerns.
According to Politico, citing three sources, US Senate Democrats are considering withdrawing their support for CLARITY if it does not include ethical guidelines for public officials regarding cryptocurrencies.
The key point of contention is whether these rules will be added during the Senate Banking Committee vote.
Republicans argue that the matter is outside the committee’s jurisdiction and suggest that the rules be added during the general assembly stage. Democrats reject this view.
Arizona Senator Ruben Gallego, who led the ethics negotiations for the Democrats, reportedly stated that these rules should have been included while the bill was still in committee stage.
The pressure for these ethical guidelines is said to stem from concerns about the Trump family’s cryptocurrency business, and industry observers expect the bill to continue being debated next week.
As a result, while uncertainty surrounding CLARITY remains, White House adviser Patrick Witt said Congress aims to pass the bill in early July.
Witt’s plan calls for a full vote in the Senate in June, followed by a final vote in the House of Representatives before Independence Day. Witt says that despite the tight timeline, the goal is entirely achievable and would be a meaningful gift for the nation’s 250th anniversary.
*This is not investment advice.