Trump Weighs CLARITY Act Ethical Counterproposal, Senate Must Secure 60 Votes by August 7

President Trump is weighing a bipartisan ethical counterproposal to the CLARITY Act, as Senate negotiators aim to finalize rules on cryptocurrency conflicts of interest before the August 7 recess. The bill seeks to establish a federal regulatory framework for cryptocurrency companies through a division of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted an execution plan to the White House on July 29, allowing state-level agencies to enforce a ban on digital tokens issued or sponsored by federal officials, rather than leaving such enforcement solely to the Department of Justice. The House passed its version of the bill on July 17 with a vote of 294 in favor and 134 against, with over 70 Democrats voting in support. The Senate has yet to hold a full vote, and the bill needs 60 votes to pass; if all Republicans support it, at least 7 Democrats will still need to vote in favor.

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