Trump concedes on ethics rules, clearing the way for major crypto legislation
US President Donald Trump has accepted ethics restrictions he had long resisted, removing the final obstacle to the CLARITY Act, the most significant crypto legislation ever attempted in the US, which now faces a decisive Senate vote on Tuesday.
A significant bill to clarify which regulator oversees American cryptocurrency companies has emerged from months of deadlock. Republican senators revealed the final text, which includes a revised ethics package, after President Donald Trump agreed to new restrictions. The CLARITY Act, or Digital Asset Market Clarity Act, would split supervision between the US Commodity Futures Trading Commission and the Securities and Exchange Commission.
This replaces a system where classification was largely determined through enforcement actions and litigation. The Senate passed the bill on Monday, following a week of intense negotiations. The White House resisted initial demands for enforceable restrictions on federal officials' crypto holdings, but ultimately agreed to require significant assets to be placed in a blind trust or divested. The bill is now awaiting further procedural steps before a potential floor vote.
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