Forecast Trend Report by Period
The White House is reviewing a bipartisan ethics amendment ahead of a Senate vote on the Clarity Act.
Crypto in America reported on August 31 that Republican Senator Thom Tillis and Democratic Senator Ruben Gallego sent the White House an ethics-package amendment that would let state attorneys general sue the Justice Department for failing to enforce federal ethics laws.
A separate fight over the bill’s Blockchain Regulatory Certainty Act, or BRCA, provision is also nearing a conclusion. Treasury Secretary Scott Bessent formally backed the BRCA language in a post on X a day earlier, writing that the bill should specify that non-custodial developers who do not directly hold assets are not subject to registration requirements under the Bank Secrecy Act. Some law-enforcement groups, including the National Sheriffs' Association, and some Democrats oppose that approach, arguing that software developers should face stricter anti-money-laundering obligations.
A ban on stablecoin interest payments remains another major sticking point. Despite an amendment agreed to by Tillis and Democratic Senator Angela Alsobrooks, some Republicans, including Mike Rounds, and banking lobby groups are demanding additional safeguards. They argue that stablecoin incentives could draw hundreds of billions of dollars in regional deposits out of commercial banks.
Crypto industry groups and lobbyists are pressing the White House and Congress to secure a cloture vote before the Senate begins its recess. In Washington, lawmakers believe the bill needs a package deal on three core issues — the ethics amendment, the BRCA provision and language under the Agriculture Committee’s jurisdiction — to clear the 60-vote threshold in the Senate.
