White House agrees to new ethics language in crypto bill

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1. 1d ago

   White House Agrees to New Ethics Language in Crypto Bill

   The White House has agreed to new bipartisan ethics provisions in the massive cryptocurrency regulation package known as the Clarity Act. President Donald Trump accepted the new rules ahead of a crucial Senate vote as the Republican party works to secure necessary Democratic votes. The newly added ethics language would bar public officials from issuing or sponsoring digital assets, with enforcement capabilities granted to both state attorneys general and the Department of Justice. Treasury Secretary Scott Bessent also issued a stern warning ahead of the legislative showdown.

   Why it matters

   The legislation faces a make-or-break Senate vote amid an intense lobbying clash between traditional community banks and the crypto industry over stablecoins. Community banks fear that customers will withdraw deposits to purchase stablecoin assets offering higher yields. Despite the White House compromise on ethics rules, the package continues to face fierce political resistance from lawmakers who argue the provisions do not go far enough to prevent conflicts of interest.

   What is confirmed

   • The White House has agreed to new ethics language in the Clarity Act ahead of a key Senate vote on cryptocurrency regulation.
   • President Donald Trump agreed to the new bipartisan ethics provisions in the sweeping crypto bill to help secure Democratic votes.
   • The new ethics provision would bar public officials from issuing or sponsoring digital assets, with enforcement by state attorneys general and the Department of Justice.
   • Community banks fear customers will withdraw deposits to buy stablecoin crypto assets that could pay higher yields.

   Still unconfirmed

   • Senator Elizabeth Warren opposes the CLARITY Act ethics provisions because she argues they fail to prevent Trump from profiting off crypto policies.

   What to watch next

   • The outcome of the Senate Clarity Act vote
   • Potential Federal Reserve rate decisions impacting the crypto sector
   Sources used for this update (14)

   1. AP News — Trump agrees to new bipartisan ethics provision in massive crypto bill, GOP aide says
   2. Punchbowl News — Uncertainty over the Senate’s Clarity Act vote this week
   3. CoinDesk — Crypto's Clarity Act is a Schrödinger's cat in life-death limbo as U.S. Senate returns
   4. The Hill — White House agrees to new ethics language in crypto bill
   5. AP News — Trump agreed to new ethics rules to get a crypto bill across the line. But that might not be enough
   6. Yahoo Finance Australia — Treasury Secretary Bessent issues stern warning ahead of Senate vote
   7. Yahoo Finance — Circle Faces Back-To-Back Catalysts As Senate Votes On CLARITY Act, And Fed Weighs Rate Hike
   8. CNBC — Clarity Act faces make-or-break Senate vote on Tuesday as crypto industry pushes for bill
   9. qz.com — Trump backs Clarity Act as banks and crypto clash over stablecoins
   10. The Hill — It is now or never for the Clarity Act
   11. www.cnbc.com — Trump agrees to ethics requirements in crypto Clarity Act as GOP seeks Democratic votes
   12. www.pressdemocrat.com — Trump agreed to new ethics rules to get a crypto bill across the line. But that might not be enough
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