The Clarity Act, one of the most comprehensive legislative bills to regulate the cryptocurrency sector in the US, has passed another significant milestone.
While the Clarity Act, also known as the Transparency Act, is eagerly awaited to pass the Senate, it has been reported that an agreement has been reached with the White House on the ethics clauses, which have been debated within the Senate for about a year.
According to Eleanor Terrett, host of the Crypto In America program and a renowned American crypto journalist, the White House has agreed to the ethics provision in the Transparency Act.
In a statement posted on his X account, Terrett claimed that the White House had accepted the ethical provisions being discussed for inclusion in the CLARITY Act.
While the details of the agreement have not yet been confirmed, an updated version of the law, including new ethical clauses, will be shared initially.
“According to what I’ve heard from multiple industry sources, the White House has agreed on an ethics package for the Clarity Act and sent the text to select Senate Republicans this afternoon.”
On the other hand, according to The Block, a source close to the negotiations stated that the release of the text may be delayed for a few more days. The same source added that the delay should not be seen as a negative development, as it would create more time for negotiations and strengthen the possibility of a bipartisan agreement.
With the US Congress going into summer recess on August 7th, there is only a short time left for the process to begin and proceed smoothly. Therefore, senators need to act quickly.
While there is agreement on ethical provisions, there is still no sign of consensus regarding interest rate regulation in stablecoins. However, this has become another highly debated issue under the Clarity Act.
Ethical provisions have been a major focus for Democratic senators due to Trump and his family’s business activities in the cryptocurrency sector. Democratic senators specifically requested the inclusion of ethical codes in the law because of Trump’s memecoin ventures and the family project $WLFI. Allegations of hundreds of millions of dollars in revenue from the $WLFI project further strengthened these demands.
*This is not investment advice.
