Senate Republicans Push for Clarity Act Vote Before August Recess Amid Ethical Concerns and Banking Opposition

According to Politico, on July 29, Senate Republicans are seeking to advance the Clarity Act to a procedural vote before their August recess, facing significant obstacles including a tight legislative schedule, wavering GOP support, and Democratic concerns over Trump family crypto gains. The bill's fate hinges on moderate Democratic votes, though progressive Senator Elizabeth Warren warned that support would constitute compromise with special interests. The core dispute centers on ethical amendments: Democrats seek restrictions on Trump's crypto profits, with Arizona Senator Ruben Gallego and North Carolina Republican Thom Tillis proposing a counter-provision for joint enforcement by state attorneys general and the Justice Department. Banking industry opposition to stablecoin reward clauses persists, with Texas Senator John Cornyn and Utah Senator John Curtis expressing sympathy for banks' deposit loss concerns.
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