[Bipartisan Senators Submit New Ethical Compromise Proposal for Clarity Act to the White House]
According to The Block, Republican Senator Thom Tillis and Democratic Senator Ruben Gallego have submitted a new ethical compromise proposal for the Clarity Act to the White House in an attempt to break the legislative deadlock. The bill is less than a week away from the Senate's August 7 recess and currently lacks the 60 votes needed for approval. Democrats are demanding the inclusion of provisions to restrict the Trump family's crypto-related interests, while some Republican lawmakers have expressed objections to the stablecoin interest clauses. Treasury Secretary Scott Bessent has attributed the impasse to the Democrats. The Crypto Innovation Council (CCI) has warned that if the bill fails to pass, the United States risks losing its global leadership position in crypto regulation.
