The White House has agreed to an ethics provision in a cryptocurrency regulation bill amid a final push to pass the legislation in the Senate.
It’s unclear what exactly is in the provision of the Clarity Act that has secured the backing of the Trump administration and whether Democrats will ultimately support it.
“The administration is committed to working with Congress to see the CLARITY Act advance and has agreed to the most comprehensive and wide-ranging ethics provision in history,” a White House official said in a statement to The Hill.
Democrats have long pushed for a provision in the bill that would restrict elected officials’ ability to profit from the crypto industry in the face of concerns about President Trump and his family’s various digital asset ventures.
This is one of the key remaining points of contention between Republicans and crypto-friendly Democrats on the legislation, which faces a crucial moment in the Senate ahead of August recess.
If lawmakers fail to pass the Clarity Act within the next three weeks, experts have suggested it is unlikely to cross the finish line before the midterm elections.
“If Senate Democrats block this historic legislation after the administration has bent over backward to accommodate their concerns, stakeholders should make no mistake: it is the Democrats who are blocking this legislation because they were never serious about a legislative outcome,” the White House official added.