Congress Can Still Pass Crypto Bill Despite Ethics Delays, Sen. Gallego Says
Democratic Sen. Ruben Gallego remains optimistic about the Clarity Act. He believes Congress can still finish the landmark crypto legislation even as ethics talks stall. Gallego spoke Wednesday at the SALT conference in Wyoming.
Ethics Talks Stall Over Trump Crypto Interests
An ethics agreement is seen as the final major hurdle for the Clarity Act. Concerns have grown over President Donald Trump’s expanding crypto holdings and business interests. These have generated millions of dollars in income.
Gallego said multiple versions of an ethics provision were sent to the White House. Responses have been limited.
“We’ve been sending offers over and over again to the White House, and they’ve been coming back either blank, or they’ve come back even slightly further back, or we’ve heard nothing,” he said.
Latest Proposal Strengthens Enforcement Rules
In July, Trump backed an ethics provision. It would stop public officials, employees, and their spouses from issuing or sponsoring digital assets. The Department of Justice would enforce it. The rule would expire in January 2029. Many Democrats said the language did not go far enough.
Gallego and Sen. Thom Tillis, R-N.C., later proposed stronger terms. Their version would let state attorneys general enforce the ban on officials and spouses issuing or sponsoring digital assets. Trump is now reviewing this latest proposal.
Sixty Votes and Other Open Issues Remain
Sixty votes are still needed to move the Clarity Act through the Senate. Gallego stressed that solid ethics rules are essential to reach that number.
Other unresolved points include the treatment of stablecoin yield. Some also worry the bill does not do enough to fight illicit activity. Gallego said both good ethics language and progress on these remaining items are required.
Short Window Ahead and Political Pressures
Congress returns to Washington next month with limited time. Senate Majority Leader John Thune has set an initial procedural vote for September 15.
Gallego warned that some political forces on both sides prefer to keep the bill unresolved.
“There are certain elements of politics that would love not to land this plane to make this a political issue, both on the left and on the right,” he said. “There are those who want to govern and want to land this plane and continue making sure that we’re innovating in this world.”
