Republican senators met with Trump about it last week. By Monday, the Republicans had fixed on an accord. A White House official told CoinDesk on Monday that Trump had “agreed to the most comprehensive and wide-ranging ethics provision in history.”
The legislation would give regulators a year to implement the new ethics constraints. It’s not yet clear when such limits might be effective for Trump, nor is it clear what he’d do about them in regard to his many crypto business ties, including an ownership stake in World Liberty Financial.
Meanwhile, the bill’s most dedicated proponents, such as Senator Cynthia Lummis, have defended Trump and the legislation.
“It’s time to land this plane,” Lummis, a Wyoming Republican who leads the digital assets subcommittee in the Senate Banking Committee, said in a recent interview on Fox Business. “This is about helping law enforcement fight illicit finance, passing consumer protections and keeping these markets onshore in the U.S.”
In 16 days (including weekends) the Senate is set to leave Washington for its long summer break. While there is some floor time again in September, the lawmakers will be increasingly focused on November’s midterm elections. So, the first week of August is widely considered the last moment that the Clarity Act could advance from the Senate in the normal course of business.
