BlockBeats News, August 20th. US Democratic Senator Ruben Gallego stated at the SALT Blockchain Seminar in Wyoming that hastily pushing the CLARITY Act to a Senate vote before resolving ethical issues and the stablecoin revenue controversy could set back the legislative process for the US crypto market structure.

Gallego suggested that the crypto industry should urge Senate Democrats and Republicans to continue negotiating instead of rushing to a vote. Senators still need to address the part of the bill belonging to the Agriculture Committee, integrate a more comprehensive solution, and determine the way to submit it to the House of Representatives while aiming to reach the 60-vote threshold required for Senate approval.

Gallego also mentioned that he and Republican Senator Thom Tillis had submitted a compromise version of the ethical provisions to the White House before Congress's recess but had not received detailed feedback. He believes that sufficiently stringent ethical restrictions are a necessary condition to seek Democratic support and advance the bill.

Former President Trump had urged Congress to pass a "fair version" of the CLARITY Act during a meeting at the White House with cryptocurrency industry executives on Wednesday. Senate leadership has delayed action until September, with Senate Majority Leader John Thune previously stating that the bill would be a priority once lawmakers return from recess. (Cointelegraph)