TechFlow News, July 17, according to The Block, U.S. "Clarity Act" crypto legislation efforts have entered a critical stage. Representative William Timmons stated, "Legislation will definitely be completed; this is one of the President's priorities and also a bipartisan consensus." Senate Majority Leader John Thune hopes to complete the Senate vote before the recess on August 7, but even if the Senate passes it, the bill still needs to return to the House of Representatives for deliberation, and the overall timeline may extend into the coming months.
The current biggest focus of controversy lies in ethics provisions regarding how to restrict federal officials such as the President, Vice President, and members of Congress from benefiting from digital assets during their tenure. Trump, Republican Senators Bernie Moreno, Cynthia Lummis, and White House Chief of Staff Susie Wiles held a meeting on ethics provisions on Thursday afternoon, seeking Trump's endorsement. Democratic Senator Ruben Gallego stated that if the ethics provisions do not meet standards, the Democrats will not vote in support.
Blockchain Association CEO Summer Mersinger holds a cautiously optimistic attitude towards the bill's prospects, but warned that if prediction market-related amendments are included, they will become a "poison pill" and should be handled through separate legislation.
