U.S. Democratic Senator Warns: Rushing CLARITY Act to a Vote Could Set Back Legislative Progress

Odaily News: U.S. Democratic Senator Ruben Gallego stated at the Wyoming SALT blockchain conference that rushing the CLARITY Act to a Senate vote before resolving ethical concerns and stablecoin yield disputes could set back U.S. crypto market structure legislative progress.

Gallego said the crypto industry should push for continued negotiations between Senate Democrats and Republicans rather than an immediate vote. Lawmakers still need to address portions of the bill under the Agriculture Committee's jurisdiction, integrate a broader package, and determine how to bring it to the House, while also working toward the 60-vote threshold needed to pass in the Senate.

Gallego also noted that he and Republican Senator Thom Tillis submitted a compromise version of the ethics provisions to the White House before the congressional recess, but have not yet received line-by-line feedback. He believes that sufficiently strict ethics restrictions are a necessary condition for winning Democratic support and advancing the bill.

On Wednesday, President Trump met with crypto industry executives at the White House and urged Congress to pass a "fair version" of the CLARITY Act. Senate leadership has delayed action until September, and Senate Majority Leader John Thune previously stated that lawmakers will prioritize the bill upon returning from recess. (Cointelegraph)