CLARITY Act faces state AGs opposition ahead of key Senate vote
Trump’s ethics concession addresses one hurdle for the crypto bill, but 18 state attorneys general say the revised legislation would weaken state oversight.
Trump’s ethics concession addresses one hurdle for the crypto bill, but 18 state attorneys general say the revised legislation would weaken state oversight.
The CLARITY Act is heading for a crucial US Senate procedural vote on Tuesday after President Donald Trump agreed to most of a bipartisan proposal to strengthen ethics restrictions around public officials’ crypto interests, according to various reports.
However, the latest compromise hasn’t resolved all of the opposition, with a bipartisan group of state attorneys general now urging senators to reject the bill over concerns that it would weaken state oversight of the crypto industry.
The CLARITY Act is considered a landmark piece of US crypto legislation that would establish a federal market structure for digital assets, clarify when crypto assets fall under securities or commodities laws and delineate oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).