- GENIUS0%
BlockBeats News, August 1st, according to crypto journalist Eleanor Terrett, the Trump administration is considering a bipartisan ethics counterproposal put forward by Senator Tillis and Congressman Gallego. This proposal would grant additional powers to state attorneys general, allowing them to sue the Department of Justice if it fails to enforce ethics laws against federal officials.
The Clarity Act is a bipartisan cryptocurrency market structure bill that has been reviewed by a Senate committee, including a stablecoin yield compromise provision. Its fate may hinge on the White House's response to the ethics proposal this weekend to determine whether to proceed to a cloture vote.
If the ethics compromise is reached, the Clarity Act is expected to move forward, providing regulatory clarity such as a Bank Secrecy Act exemption for non-custodial developers; otherwise, it could trigger certain provisions of the GENIUS Act, leading to increased regulatory uncertainty for stablecoins.
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