The Digital Asset Market CLARITY Act is unlikely to pass the Senate before members go for the August recess, according to Senate Majority Leader John Thune, indicating that discussions over the crypto market structure measure would probably carry on after the current legislative session.
According to an X post by journalist Brendan Pedersen, speaking to reporters, Thune said he does not expect either the CLARITY Act legislation to be completed before recess. “I don’t think we’ll be able to get them done. I would like to at least get Clarity started. We’ll see where the votes are,” he said.
Democrats, meanwhile, continue to advocate for stricter ethics and conflict-of-interest regulations and have objected to granting the DOJ exclusive enforcement authority.
https://x.com/BrendanPedersen/status/2080370438954274921?s=20
The proposal would forbid the issuance or sponsorship of digital assets for pay by the president, vice president, members of Congress, federal judges, and other covered officials, as well as their spouses.
Additionally, it would mandate the disclosure of cryptocurrency sales exceeding $1,000, provide the Department of Justice civil enforcement jurisdiction over ethics infractions, and require certain officials to sell their cryptocurrency holdings or put them in approved blind trusts.
With Thune indicating the bill is unlikely to pass before August, negotiations over the remaining bipartisan issues are expected to continue before the Senate decides whether to bring the CLARITY Act to the floor.
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