The White House has agreed to ethics provisions in the Clarity Act, one of the most comprehensive cryptocurrency regulatory bills in the US, according to multiple industry sources cited by Eleanor Terrett, host of the Crypto In America program. The agreement text was sent to select Senate Republicans this afternoon. Democratic senators had specifically requested the inclusion of ethical codes due to Trump and his family's business activities in the cryptocurrency sector, including memecoin ventures and the family project WLFI, which allegedly generated hundreds of millions of dollars in revenue. The development comes as the US Congress prepares to enter summer recess on August 7th, creating a tight timeline for legislative action on the bill, which has been debated in the Senate for about a year.
White House Sends Ethics Provision Text to Senate Republicans
Eleanor Terrett, a renowned American crypto journalist, stated in a post on her X account that the White House had accepted the ethical provisions being discussed for inclusion in the Clarity Act. She wrote: "According to what I've heard from multiple industry sources, the White House has agreed on an ethics package for the Clarity Act and sent the text to select Senate Republicans this afternoon." While the details of the agreement have not yet been confirmed, an updated version of the law, including new ethical clauses, will be shared initially.
According to The Block, a source close to the negotiations stated that the release of the text may be delayed for a few more days. The same source added that the delay should not be seen as a negative development, as it would create more time for negotiations and strengthen the possibility of a bipartisan agreement.
Congress Faces August 7th Recess Deadline for Legislative Action
With the US Congress going into summer recess on August 7th, there is only a short time left for the process to begin and proceed smoothly. Therefore, senators need to act quickly. The Clarity Act, also known as the Transparency Act, has been debated within the Senate for about a year regarding the ethics clauses.
Stablecoin Interest Rate Regulation Remains Unresolved
While there is agreement on ethical provisions, there is still no sign of consensus regarding interest rate regulation in stablecoins. This has become another highly debated issue under the Clarity Act.
Democratic Senators Requested Ethics Codes Due to Trump Family Crypto Activities
Ethical provisions have been a major focus for Democratic senators due to Trump and his family's business activities in the cryptocurrency sector. Democratic senators specifically requested the inclusion of ethical codes in the law because of Trump's memecoin ventures and the family project WLFI. Allegations of hundreds of millions of dollars in revenue from the WLFI project further strengthened these demands.
FAQ
What did the White House agree to regarding the Clarity Act?
The White House agreed to ethics provisions in the Clarity Act and sent the agreement text to select Senate Republicans this afternoon, according to multiple industry sources cited by Eleanor Terrett.
Why did Democratic senators request ethics provisions in the Clarity Act?
Democratic senators specifically requested the inclusion of ethical codes due to Trump and his family's business activities in the cryptocurrency sector, including memecoin ventures and the family project WLFI, which allegedly generated hundreds of millions of dollars in revenue.
When does the US Congress enter summer recess?
The US Congress goes into summer recess on August 7th, creating a tight timeline for senators to act on the Clarity Act legislation.
