U.S. Congress in Final Stretch on Clarity Act as Ethics Clause Stalls Over Trump Conflict Concerns

According to The Block, as of July 17, the U.S. Congress is making a final push on the Clarity Act, with lawmakers expressing optimism despite ethics provisions surrounding potential conflicts of interest emerging as a major obstacle. South Carolina Republican Rep. William Timmons stated the legislation is "one of the President's top priorities" and "a bipartisan issue in Congress," adding "we will get it done." Senate Majority Leader John Thune aims to bring the bill to a full vote before the August recess, with updated text expected this week.

Negotiations between both parties have focused on restricting senior officials including the President, Vice President, and members of Congress from profiting from digital assets during their tenure. President Trump, Senators Bernie Moreno and Cynthia Lummis, White House crypto advisor Patrick Witt, and Chief of Staff Susie Wiles are scheduled to meet Thursday to secure Trump's support. However, according to Politico, current language lacks Democratic backing, with Senator Ruben Gallego stating "there will be no Democratic votes without strong ethics provisions." Blockchain Association CEO Summer Mersinger called the ethics issue "critical," noting Democratic offices remain firm but express optimism the bill will pass.