Three US senators oppose CLARITY Act on ethics grounds with vote expected soon

Senate Majority Leader John Thune reportedly said the chamber will consider a vote on the crypto market structure bill before Aug. 10, though it’s unclear whether it has enough Democratic support to pass.

The US Senate is expected to vote soon on a comprehensive bill to establish market structure rules for digital assets, backed by Republican lawmakers, while some Democrats continue to push for ethics provisions.

In a Tuesday press conference, Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen spoke alongside representatives for Americans for Financial Reform and Indivisible and Hollywood actor Ben McKenzie in opposition to the Digital Asset Market Clarity (CLARITY) Act. The lawmakers said that the bill did not address what they called “[Donald] Trump’s crypto corruption,” referring to the US President’s ties to the industry through his memecoin, his family’s World Liberty Financial company and other businesses and investments.

“There is no reason to pass a new regulatory system for crypto if this system does not stop Trump’s corruption of the entire industry,” said Murphy. “This bill is worthless if it protects Trump’s dominance over an industry that he will have more control to regulate. In fact, the bill is in and of itself a fundamental corruption if it gives Trump’s corruption the protection of law.”