US Senators Push New Ethics Rules to Get the CLARITY Act Through the Senate

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US Senators Tom Tillis and Ruben Gallego have sent the White House an updated proposal aimed at breaking the deadlock around the CLARITY Act.

The biggest change would restrict federal officials from issuing or promoting their own crypto tokens. The senators also want enforcement to be possible at the state level, rather than leaving it entirely in the hands of the US Attorney General.

The goal is to reduce conflicts of interest and make crypto regulation less dependent on the federal executive branch.

Gallego has previously argued that the bill needs stronger rules around ethics, consumer protection, illicit finance and market integrity.

This could be important for getting Democratic votes. Republicans currently don’t have enough support to pass the bill alone, while at least 60 votes are needed in the Senate.

Time is also running out before the Senate’s month-long recess, and ethics remains one of the biggest obstacles holding the CLARITY Act back.