The Clarity Act will receive a cloture vote this afternoon, requiring a total of 60 votes, which means there’s a need for at least seven votes outside of the Republican party. Last minute changes to the Act ahead of the vote include updates to the ethics and stablecoin interest provisions.
“After over a year of bipartisan negotiations and over 100 changes requested by Democrats, it is time for the Senate to move this strong, bipartisan bill forward,” said Republican Senator Lummis. There is a strong argument that some legislation is far better than a vacuum. At the same time, some of the wording is contentious.
On ethics, there have been several changes, but the critical test is whether many of the Trump family crypto activities could still have taken place with these new rules. In most cases they could have, with some additional hoops to jump through. The loopholes allow for activities by family members, via blind trusts, or by ensuring that certain crypto activity is not the largest single source of a company’s revenues. Trump’s stake in the family crypto firm is currently in a trust with his son as trustee, so would need conversion to a qualified blind trust.
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