August 7, the last day before the Senate’s rapidly approaching summer recess, is considered an important deadline to finalize the Clarity Act this year. Crypto experts expect the bill to reach the floor early next week, which would fit with what Senate Majority Leader John Thune had previously indicated. The legislation could require several days to reach a final vote.
Earlier on Tuesday, CoinDesk had reported that a White House official said Trump agreed to “the most comprehensive and far-reaching ethics provision in history,” although the actual language he agreed to had not yet been shared with Democrats. At press time, it was still unclear whether Democrats had seen the exact language. Still, the administration argued that it had “done everything possible” to satisfy Democrats, suggesting it would be their fault if the legislation does not advance.
Trump’s agreement on a crypto restriction of his own business ties raises important questions about how his involvement would be made remote enough to comply with the limit. The president and his family are deeply connected to several crypto venture initiatives, including his involvement in World Liberty Financial. While Trump has insisted that he is not in conflict because his administration imposes crypto policies that affect his own businesses, Democratic lawmakers have openly accused him of corruption.
