Tillis and Gallego Submit Revised Ethics Proposal for CLARITY Act

Two US senators from opposite parties have reportedly sent revised ethics guidelines to the White House as part of discussions over a cryptocurrency market structure bill in Congress. According to Cointelegraph, Senator Thom Tillis and Senator Ruben Gallego submitted a counteroffer to the Trump administration that would change ethics provisions in the Digital Asset Market Clarity (CLARITY) Act. The proposed revision would address concerns raised by many lawmakers in the first draft by allowing state authorities, rather than the US Attorney General, to enforce a ban on federal officials issuing or sponsoring tokens. The discussion comes as lawmakers continue debating how the bill should handle ethics, consumer protection, illicit finance, conflicts of interest and market integrity.Gallego, a Democrat, previously said those provisions “must be strengthened” and that he would keep working with Republicans to get the bill “over the finish line.” Cointelegraph reached out to Gallego’s and Tillis’ teams for clarification on the proposed changes but did not receive an immediate response. The revisions could help attract support from Senate Democrats, many of whom have said they will not vote for the CLARITY Act if it protects U.S. President Donald Trump’s dominance over an industry that he will have more control to regulate. Republicans currently hold an effective 52-47 majority in the Senate with Senator Mitch McConnell absent due to medical reasons, and they will need Democratic support to reach the 60-vote threshold required for the bill to pass.