Gillibrand Pushes Crypto Bill With Ethics Curbs as Trump's $1.4 Billion Windfall Clouds Clarity Act
Updated
Updated · The Intercept · Jul 13
Gillibrand Pushes Crypto Bill With Ethics Curbs as Trump's $1.4 Billion Windfall Clouds Clarity Act
3 articles · Updated · The Intercept · Jul 13
Summary
At least 7 Senate Democrats are needed to break a filibuster on the Clarity Act, putting Kirsten Gillibrand and other centrists at the center of talks over whether ethics limits on Trump’s crypto profits can win enough support.
Trump’s disclosed $1.4 billion crypto gain has turned the bill into a corruption test for Democrats, even as Gillibrand says regulation should advance alongside rules barring presidents, lawmakers and spouses from profiting off office.
Bitcoin has fallen back to about $63,000 from roughly double that level last year, and Coinbase says passage could unlock institutional Wall Street money that the industry hopes would revive prices.
A revised draft still has not been released despite earlier expectations, and the industry’s best shot may be before the Senate leaves on August 10, while critics warn crypto’s $189 million in election spending is distorting the debate.
As the U.S. rushes to regulate crypto, will it secure financial leadership or push innovators to other nations?
Can new crypto laws truly police decentralized finance, or do they create loopholes for criminals to exploit?
The CLARITY Act’s 50/50 Gamble: Will Congress Deliver U.S. Crypto Regulation Before the August 7 Deadline?
Overview
The CLARITY Act is at a critical crossroads, with a rapidly closing legislative window before the August 7 recess. Proponents are urgently pushing for a Senate vote after Congress missed its initial July 4 deadline, warning that missing this opportunity could delay much-needed crypto reform. However, the Act faces tough political hurdles, including unresolved disputes over stablecoin yield payments and contentious ethics language linked to former President Trump. With analysts estimating only a 50/50 chance of passage this year, the outcome remains uncertain, but the stakes are high for the future of U.S. crypto regulation and innovation.