The Clarity Act will have to be sold to a large number of Democrats in the coming days if it is to advance out of the Senate before Congress’s summer recess and focus on this fall’s midterm elections. Although a new and potentially final draft is scheduled to emerge on Tuesday, a resolution is still missing on what could be the latest and most important sticking point: a section prohibiting top government officials, including the president, from being personally involved in the crypto industry.
That ethics provision remains at the forefront of the debate, and many Democrats have said they cannot vote for a Clarity Act that does not contain it. Those promises also came from Democrats who were at the negotiating table and voted yes on the bill when it passed the Senate Banking Committee.
“If this system doesn’t stop Trump’s industry-wide corruption, this bill is worthless,” said Murphy, who has not been among Democrats at the negotiating table with Republicans. “If it protects Trump’s dominance over an industry that he will have more control to regulate, in fact, the bill is itself a fundamental corruption if it gives Trump’s corruption the protection of the law.”
