Democrats were dissatisfied with Trump’s proposal, under which Attorney General Todd Blanche would be responsible for enforcing such rules. They argue that a person serving under the president would not be able to hold him accountable. In addition, Blanche was Trump’s personal lawyer. Democrats are seeking to have enforcement of the ban on politicians issuing and sponsoring digital assets carried out at the state level. At the same time, Senator Chuck Schumer is proposing the creation of an agency to combat corruption, including Trump’s crypto projects. Lawmakers intend to advance the bill before the August 7 recess. Meanwhile, JPMorgan analysts lowered the probability of the bill being passed in 2026 to 37%. They also noted that some provisions of Clarity could hinder institutional participation in the crypto market. These are related to DeFi and anti-money-laundering measures.
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Senators have sent a bipartisan compromise proposal to the White House on the ethics provisions of the Clarity Act.
Democrats were dissatisfied with Trump’s proposal, under which Attorney General Todd Blanche would be responsible for enforcing such rules. They argue that a person serving under the president would n...