On Thursday, Senators Ruben Gallego and Thom Tillis submitted a revised ethics proposal to the White House, following a day of negotiations, according to a source familiar with the discussions, as reported by CoinDesk. As of Friday afternoon, there was no official response from the White House regarding this proposal.
The ethics issue remains the primary obstacle that needs to be addressed for the Clarity Act to progress. Ongoing discussions are also taking place about stablecoin reserves and yields, law enforcement roles, and certain provisions of the Agriculture Committee related to the jurisdiction of the Commodity Futures Trading Commission. However, sources from the industry have indicated that these topics are relatively straightforward compared to the ethics discussions. One insider mentioned that the other issues could be resolved quickly if a consensus on ethics is reached.
If the White House approves the counter-proposal by Tillis and Gallego, it could facilitate the initial step in the cloture process, another source told CoinDesk. The Senate would still need to adhere to the cloture process as detailed in last week’s bulletin, but due to timing constraints, advancing the bill fully by week’s end could prove challenging. Nonetheless, successfully passing the first procedural vote would represent a significant victory for the crypto sector.