Republican senators met with Trump about it last week. On Monday, Republicans had settled on a deal. A White House official told CoinDesk on Monday that Trump had “agreed to the most comprehensive and far-reaching ethics provision in history.”
The legislation would give regulators one year to implement the new ethics restrictions. It is not yet clear when such limits might be effective for Trump, nor is it clear what he would do about his numerous cryptocurrency business ties, including an ownership stake in World Liberty Financial.
Meanwhile, the bill’s most dedicated supporters, like Sen. Cynthia Lummis, have defended Trump and the legislation.
“It’s time to land this plane,” Lummis, a Wyoming Republican who heads the digital assets subcommittee on the Senate Banking Committee, said in a recent interview on Fox Business. “This is about helping law enforcement fight illicit finance, pass consumer protections, and keep these markets in the United States.”
In 16 days (including weekends), the Senate will leave Washington for its long summer vacation. While there will be some time again in September, lawmakers will increasingly focus on the November midterm elections. Therefore, the first week of August is widely considered the last time the Clarity Act could advance from the Senate in the normal course of affairs.
