Trump has agreed to the <i>CLARITY Act</i> ethics provisions, nearing Senate vote

BlockBeats News, July 21st. Trump has agreed to the ethical provisions in the CLARITY Act, clearing a key hurdle for the cryptocurrency legislation to be voted on in the Senate. Industry sources say that after months of negotiations, all parties have reached consensus on the relevant ethical provisions, which Trump approved later on Monday.

The related provisions are designed to restrict the President, Vice President, members of Congress, and other federal officials from profiting from digital assets during their terms. The controversy has long focused on Trump-related meme coins and World Liberty Financial, in which his family is involved. Ethical concerns were previously seen as the final major obstacle to the passage of the bill.

The CLARITY Act is intended to provide comprehensive regulation of the digital asset industry at the federal level for the first time, and clarify the jurisdiction of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. However, Democratic lawmakers have not yet seen the latest text of the provisions.

The revised bill text is expected to be released in the coming days, possibly as early as Monday evening, but it could also be delayed. The Senate must vote on it by the first week of August; if the bill is passed, it will need to go back to the House for further deliberation before being submitted for the President's signature.