August 7 – the fast-approaching last day before the Senate’s summer recess – is seen as a key deadline to finish the Clarity Act this year. Crypto insiders expect the bill to come to the floor as soon as early next week, which would fit with what Senate Majority Leader John Thune had previously indicated. The legislation could take several days to reach a final vote.
Earlier on Tuesday, CoinDesk had reported that a White House official said Trump agreed to “the most comprehensive and far-reaching ethics provision in history,” although the actual language he has agreed to had not yet been shared with Democrats. As of press time, it was still unclear whether Democrats had seen the exact language. Still, the administration claimed it had “bent over backwards” to satisfy Democrats, suggesting it would be their fault if the legislation does not move forward.
Trump’s acceptance of a crypto restriction on his own business dealings raises significant questions about how his involvement would be made sufficiently remote to comply with the limit. The president and his family are deeply connected to several crypto business initiatives, including their stake in World Liberty Financial. While Trump has insisted he is not conflicted as his administration imposes crypto policies that affect his own companies, Democratic lawmakers have openly accused him of corruption.
