Tag: Senate

  • Ripple CLO Urges Crypto Industry to Unite After Senate Blocks CLARITY Act

    Ripple CLO Urges Crypto Industry to Unite After Senate Blocks CLARITY Act

    Ripple CLO Calls for Industry Unity After CLARITY Act Stalls

    Stuart Alderoty, Ripple’s Chief Legal Officer and president of the National Cryptocurrency Association, is urging cryptocurrency firms to align their messaging after the CLARITY Act failed to advance in the U.S. Senate. In a September 17 post on X, Alderoty said “politics beat policy this week” and emphasized that the industry must speak with one voice when engaging with lawmakers and regulators.

    Senate Vote Details

    The Senate voted 49-50 on September 15 against invoking cloture on the motion to proceed to H.R. 3633, falling short of the required three-fifths majority. This procedural setback stalled the comprehensive crypto market structure bill after months of negotiations. Ripple expressed disappointment, calling it a missed opportunity, and reiterated its support for uniform federal standards that would provide clearer rules for digital asset businesses and stronger consumer protections.

    Bipartisan Talks Continue

    Despite the vote, seven Democratic senators released a statement on September 16 committing to continued bipartisan negotiations on crypto legislation. They described the vote as a setback rather than an end to the effort. Ripple CEO Brad Garlinghouse had supported the revised version of the bill, which incorporated over 100 changes.

    Crypto Adoption and XRP in Focus

    Alderoty also cited the National Cryptocurrency Association’s 2026 State of Crypto Holders survey, conducted with The Harris Poll, which estimated over 67 million U.S. adults own cryptocurrency. The survey found that 40% of holders use crypto for shopping and payments, while 41% send digital assets to friends and family. Meanwhile, XRP has declined roughly 25% from its August high. Community analyst Dark Defender pointed to lower exchange balances and RLUSD activity, suggesting the drop may precede a rally according to Elliott Wave analysis. However, Ripple maintains that XRP’s regulatory status remains separate from the legislative outcome.

    Conclusion

    Ripple’s Stuart Alderoty wants the crypto industry to coordinate its policy message after the CLARITY Act stalled in the Senate. The 49-50 vote stopped the measure from advancing, although seven Democratic senators committed to further bipartisan talks. Ripple continues to support uniform federal rules for digital assets.

  • XRP Plunges 10% as US Senate Blocks CLARITY Act, Triggering Broad Crypto Selloff

    XRP Plunges 10% as US Senate Blocks CLARITY Act, Triggering Broad Crypto Selloff

    XRP led major cryptocurrencies lower on Wednesday after the US Senate failed to advance the CLARITY Act, a bill aimed at providing clearer regulatory guidelines for digital assets. The token dropped nearly 10% to $1.30 during Asian trading, marking the steepest decline among major cryptocurrencies.

    Broader Market Weakens

    The broader crypto market also weakened following the procedural defeat. Bitcoin slipped nearly 3% to just above $76,000, while Ether dropped almost 5% to around $2,410. Solana declined 5% to just above $97, and dogecoin lost nearly 5%. Zcash and Hyperliquid’s HYPE each fell close to 4%. BNB and Tron recorded smaller declines of about 1% each. The moves followed a broad reduction in risk exposure across major digital assets.

    XRP drew particular attention due to its connection with banking-focused digital asset activity and the RLUSD stablecoin. The CLARITY Act sought to establish clearer rules covering digital assets and their use within traditional finance.

    Senate Vote Falls Short

    The Senate failed to advance the bill in a 49-50 cloture vote, according to CoinDesk. The measure needed 60 votes to proceed to debate, and several Republicans joined the opposition. Negotiators had prepared more than 600 pages of compromise language, but disputes over ethics provisions became a central obstacle before the vote.

    Michigan Democratic Senator Elissa Slotkin said the ethics safeguards were ‘simply too thin.’ She also raised concerns about CFTC staffing, money laundering controls, and terrorist financing provisions. Slotkin also pointed to crypto-related financial interests involving President Donald Trump, his children, and Cabinet members, forming part of broader Democratic objections to the legislation.

    Crypto Stocks Slide as Fed Decision Looms

    Crypto-related equities recorded even steeper losses than major tokens. Coinbase fell nearly 9% to $174.42, while Circle dropped more than 9% to $88.26. Galaxy Digital declined 8%, Gemini lost 7%, and Bullish and Riot Platforms each fell 5%. Robinhood, MARA Holdings, CleanSpark, IREN, and Core Scientific dropped between 3% and 4%.

    Attention now shifts toward federal regulators. The Securities and Exchange Commission continues work on its proposed Reg Crypto framework and rules covering tokenized securities. At the same time, markets await the Federal Reserve’s rate decision Wednesday. Traders placed the probability of a rate increase near 93%, while the 10-year Treasury yield hovered around 5%.

  • Senate Majority Leader Thune Anticipates CLARITY Act Vote, but No Date Set

    Senate Majority Leader Thune Anticipates CLARITY Act Vote, but No Date Set

    Senate Majority Leader John Thune expects an initial CLARITY Act vote before the summer recess, but no vote appears on the Senate schedule. His August 3 remarks left unclear whether senators will begin full debate or take only an early procedural step.

    Thune Signals Intent Without a Firm Date

    Thune told reporters, “I think market structure we’ll get a vote on. Whether we can get on it or not, we’ll see.” He also cited other unfinished Senate business. The August 4 agenda did not name the CLARITY Act. Instead, the Senate planned to resume consideration of H.R. 6500, a vehicle for a continuing resolution. The floor log said, “There are no votes scheduled at this time.”

    Leaders can still add votes after filing a motion, reaching an agreement, or securing enough support. Still, Thune did not identify whether he expected cloture, a motion to proceed, or another procedural action.

    Procedural Vote Doesn’t Equal Passage

    Most legislation requires 60 senators to end extended debate under cloture rules. A successful vote would move the bill forward, but senators could still face amendments and further procedural votes before the final passage. The House passed the CLARITY Act by 294–134 in July 2025. The Senate Banking Committee later advanced its version by 15–9 on May 14, 2026.

    These bipartisan results offer a base for negotiations. However, Republicans cannot reach the usual cloture threshold independently, so Thune needs Democratic votes while retaining concerned Republicans. Can Senate leaders resolve the disputes quickly enough to secure 60 votes and preserve enough floor time for final passage? The current schedule provides no firm answer.

    Ethics Disputes Complicate the Recess Push

    Ethics rules remain a major obstacle. Eleanor Terrett reported on August 3 that the White House had not answered a counterproposal from Senators Thom Tillis and Ruben Gallego. Terrett cited an unnamed source, not a public White House statement. The proposal reportedly covers enforcement and may give state attorneys general a role.

    A Reuters review found that the Senate proposal would restrict certain senior figures, including the president and vice president, from sponsoring or issuing digital assets. Justice Department enforcement would apply until January 2029.

    Meanwhile, seven Democratic negotiators said the proposal was not ready for passage. Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock requested further changes.

    Their concerns cover ethics, consumer protection, illicit finance, conflicts of interest and market integrity. They also pledged to continue talks, leaving a bipartisan agreement possible but unresolved. Bernstein analysts said passage before recess looked less likely. That view can coexist with Thune’s comments because an opening vote may occur without enough time for debate and final passage.

    Government funding also competes for attention. On July 21, Thune called market-structure legislation only ‘a candidate for consideration’ and described funding as the Senate’s leading immediate priority.

    The CLARITY Act would divide digital-asset oversight between the SEC and CFTC. It also addresses fundraising, exchange registration, anti-money-laundering rules, decentralized finance, stablecoin rewards and tokenized securities. The next concrete signal would come from an updated Senate schedule or a formal motion. A cloture filing or motion to proceed would provide clearer evidence that floor action had begun.

    A Brief Roundup

    Thune expects an initial vote on the CLARITY Act, but the Senate has yet to schedule one. Ethics negotiations, the 60-vote cloture hurdle and competing funding work still threaten full passage before recess. Readers should watch for a cloture filing, motion to proceed, or updated floor schedule.

  • CLARITY Act Ethics Rules Could Prevent Trump from Issuing New Digital Assets While in Office

    CLARITY Act Ethics Rules Could Prevent Trump from Issuing New Digital Assets While in Office

    The latest draft of the Senate’s CLARITY Act has introduced ethics provisions that could restrict President Trump and other senior officials from issuing or sponsoring digital assets during their tenure. The bill, which aims to establish comprehensive cryptocurrency market regulations, now includes language targeting conflicts of interest among top government leaders.

    Key Takeaways

    • The Senate draft may ban top public officials from issuing new digital assets until 2029.
    • Trump’s crypto ventures, which have earned over $1 billion, have fueled the push for stronger ethics rules.
    • The bill still requires bipartisan support to become law.

    What Does the New Language Say?

    The proposed ethics section restricts the president, vice president, members of Congress, federal judges, and their spouses from issuing, sponsoring, or promoting digital assets while in office. The restriction would remain in effect until January 2029, covering the remainder of Trump’s current term. Additionally, officials must divest personal crypto holdings or place them in qualified blind trusts to reduce potential conflicts of interest.

    This marks a significant shift from earlier crypto bills, which focused primarily on market rules and investor protection. The new version adds ethics rules for public officials, addressing concerns about the intersection of governance and personal financial gain.

    Why Trump Matters in the Debate

    Recent financial disclosures revealed that Trump’s crypto ventures generated over $1 billion after his return to the White House, including roughly $500 million from World Liberty Financial’s crypto offerings and $600 million from Trump-themed meme coins. Bipartisan lawmakers and ethics experts argue that a sitting president should not profit from digital assets while federal agencies shape crypto regulations. Supporters of the bill emphasize that the rules apply to all future presidents and senior officials, not just Trump.

    Would the Bill Stop Trump from Launching New Digital Assets?

    Under the current language, covered officials cannot issue or sponsor new digital assets during their term. This would prevent President Trump from launching a new cryptocurrency, meme coin, or similar blockchain project while in office. However, legal experts note that the final outcome depends on precise definitions of terms like ‘issue,’ ‘sponsor,’ and ‘digital asset’ in the approved legislation. The draft also leaves questions about how existing crypto businesses would be affected, with further guidance expected after the bill becomes law.

    Senate Talks Continue

    The bill has garnered support from many Republicans seeking clear rules for digital assets, and from Democrats pushing for stronger ethics safeguards. Senate leaders, White House officials, and lawmakers from both parties are working on compromise language. President Trump has reportedly accepted some ethics changes to improve the chances of bipartisan support before the August recess. Disagreements remain on anti-money laundering rules, Know Your Customer requirements, and which federal agencies should oversee different parts of the crypto market.

    Why the Crypto Industry Supports the Bill

    The CLARITY Act is seen as a critical step toward providing regulatory clarity for the crypto industry. Companies like Coinbase, Circle, Bullish, Hut 8, and Riot Platforms have welcomed the potential for clear federal rules. The bill aims to resolve jurisdictional disputes between the SEC and CFTC while adding consumer protections. Financial markets responded positively, with Bitcoin rising to around $66,400 and crypto-related stocks climbing.

    Challenges Remain

    Passing the bill requires 60 votes in the Senate, meaning supporters must secure bipartisan backing. Some progressive groups argue the ethics rules should be tougher, while others raise concerns about conflicts of interest in the negotiation process. Prediction markets and analysts place modest odds on the bill becoming law this year due to the complex mix of crypto regulation, ethics reforms, and political differences.

    Why This Matters

    The CLARITY Act could reshape both crypto regulation and ethics standards in the United States. Its final version may determine whether top public officials can launch or profit from digital assets while in office, influencing investor confidence and future legislation. The debate has already shifted the national conversation from solely regulatory questions to broader ethical considerations about elected leaders’ involvement in the crypto business.

    Final Thoughts

    If the current language passes, President Trump and future presidents would be barred from issuing or sponsoring new digital assets during their terms, with stricter rules for personal crypto holdings and financial transparency. The outcome now depends on ongoing Senate negotiations. Regardless of the final bill, the debate has fundamentally changed how Washington approaches the intersection of digital assets and public office.

  • Trump Accepts Ethics Framework for Crypto CLARITY Act, Potentially Unlocking Senate Vote

    Trump Accepts Ethics Framework for Crypto CLARITY Act, Potentially Unlocking Senate Vote

    Former President Donald Trump has reportedly accepted an ethics framework tied to the Digital Asset Market Clarity Act (CLARITY Act), a move that could break a key deadlock in Senate negotiations. However, as of late July, the agreement remains unconfirmed and its language has not been publicly released, leaving a potential vote uncertain before the August recess.

    Ethics Rules Aimed at Conflicts of Interest

    Negotiators have proposed restrictions covering senior federal officials—including presidents, vice presidents, and lawmakers—to prevent them from profiting personally from digital assets while shaping industry policy. The reported framework would address profits from crypto ventures, but without the published text, the scope remains unclear. It is unknown whether the rules would apply to family members, existing holdings, new token launches, promotional income, or assets held in trusts. Enforcement mechanisms also remain undefined, including which agency would investigate violations and what penalties would apply.

    Trump’s Crypto Income Fuels Ethics Debate

    The ethics dispute intensified after Trump’s latest financial disclosures revealed that his family’s crypto ventures generated approximately $1.4 billion of his income in 2025. Senior Senate Democrats argued that the legislation could expand the value of crypto businesses linked to senior officials, calling for stronger conflict-of-interest safeguards. Trump dismissed the concerns in a July 2 CNBC interview, stating that his children manage his businesses and that the income was ‘nothing illegal.’ The White House has maintained that Trump does not oversee daily operations, though critics counter that transferring management does not remove his financial interest.

    Senate Faces Tight Timeline

    The House passed H.R. 3633 on July 17, 2025, by a 294-134 vote, and the Senate Banking Committee advanced its version on May 14, 2026, by a 15-9 vote. The legislation would split crypto oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and establish federal rules for exchanges and intermediaries. Senate leaders have not yet scheduled a floor vote, and the August state work period begins August 10, leaving a narrow window. Even with an ethics agreement, lawmakers still face disputes over decentralized finance, illicit-finance controls, and developer protections. Any changes to the House version would require approval from both chambers before the bill can reach Trump’s desk.

    What’s Next

    The next critical step is the publication of revised legislative text. If the reported ethics framework is converted into enforceable provisions and garners bipartisan support, the Senate could move forward. Until then, the agreement remains a political understanding rather than a completed amendment.

  • CLARITY Act Faces Senate Hurdle as Democrats Demand Stronger Crypto Ethics Rules

    CLARITY Act Faces Senate Hurdle as Democrats Demand Stronger Crypto Ethics Rules

    The Senate’s latest effort to establish a comprehensive crypto market structure, the CLARITY Act, is encountering significant resistance from Democratic lawmakers who insist on stricter ethics provisions covering President Donald Trump’s cryptocurrency interests.

    Republican senators briefed President Trump at the White House on Thursday, with plans to release updated text of the bill shortly thereafter. However, Democrats were notably absent from the meeting and have signaled they will oppose the current draft unless it includes more robust ethics rules.

    Senator Bernie Moreno indicated that the updated regulatory text could be released following the White House meeting. Senator Cynthia Lummis echoed this sentiment, expressing hope that the draft would become public after lawmakers consulted with Trump, though she did not confirm a specific timeline.

    Moreno noted that lawmakers have spent months engaging with Democrats and argued that the Senate should move toward a vote before the August recess. Yet Democratic senators contend that the expected version does not reflect a bipartisan agreement, accusing Republicans of taking ethics language to Trump before concluding negotiations with Democratic lawmakers.

    Senator Cory Booker emphasized that talks remain active. “I hope they’re not going to drop something before we finish our negotiation,” Booker said. “The only way to get this done is a bipartisan pathway.”

    The core dispute revolves around ethics rules for public officials with financial ties to crypto companies, tokens, and digital asset projects. Democrats are pushing for firm limits that prevent senior officials from profiting from crypto ventures while in office.

    Senator Ruben Gallego described the ethics language he reviewed as “very weak,” stating it gives the president “a lot of latitude” to continue earning from crypto interests without adequate consumer protection. Gallego warned that Democrats would not provide the necessary votes without stronger rules. “At the end of the day, we don’t have strong ethics,” he said. “You’re not going to have the Democratic votes.”

    Republicans dispute this characterization. Moreno insists the bill includes strong ethics measures, and the White House supports rules covering all elected officials but has resisted language perceived as targeting Trump exclusively.

    A Democratic Senate aide claimed the Republican proposal is weaker than what Democrats would accept, adding that Democratic negotiators had not approved the version shown to the White House.

    The CLARITY Act would divide digital asset oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It would also establish registration and operating rules for exchanges, brokers, and other crypto businesses. Supporters argue the framework would help firms classify digital assets and meet federal requirements.

    Republicans currently lack the 60 votes needed to overcome a potential filibuster, making Democratic support essential. While some Democrats backed earlier versions during committee work, those votes do not guarantee support for the final measure. Opposition from key negotiators now complicates the vote count.

    The Senate calendar adds further urgency, as lawmakers must complete other major bills before the August recess. Any Senate version would also require House approval or further negotiations between both chambers.

    Crypto companies have urged Congress to pass market structure legislation, citing ongoing uncertainty over token listings, custody, registration, and trading services. Without a new law, firms continue to rely on agency guidance, court decisions, and enforcement actions to determine whether a digital asset falls under SEC or CFTC oversight.

    The next step depends on the wording released after the White House meeting. Democrats want stronger guardrails, while Republicans push for a vote before the recess. Until both sides reach an agreement, the CLARITY Act faces a difficult path through the Senate.

  • Trump’s $1.4B Crypto Income Stalls Senate Action on CLARITY Act

    Trump’s $1.4B Crypto Income Stalls Senate Action on CLARITY Act

    President Donald Trump’s 2025 financial disclosure reveals more than $1.4 billion in crypto-related income, reigniting a Senate debate over ethics provisions in the Digital Asset Market Clarity Act (CLARITY Act). The filing, released by the Office of Government Ethics on June 30, details earnings from the TRUMP memecoin and World Liberty Financial, placing the president’s digital asset profits at the center of a legislative standoff.

    The disclosure shows $635 million from the TRUMP memecoin, over $520 million from World Liberty Financial token sales, and more than $250 million from business interest sales. Combined, these sources generated nearly $800 million for entities tied to World Liberty Financial, with portions shared among family members. While golf clubs, resorts, and property licensing added other revenue, crypto accounts for the majority of Trump’s reported income.

    The CLARITY Act, which would divide crypto oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), advanced from the Senate Banking Committee on a 15-9 vote in May. However, Democrats—including Senators Ruben Gallego and Angela Alsobrooks—have signaled that their support hinges on stronger ethics rules covering senior officials who own, issue, or profit from digital assets while shaping federal policy.

    Former acting OGE director Don Fox called Trump’s filing “a clear sign that additional ethics reforms are overdue.” The White House has denied any conflict of interest, stating that “neither the President nor his family has ever engaged” in improper conduct.

    With Republicans holding 53 Senate seats and most major legislation requiring 60 votes, the bill’s fate depends on cross-party support. Without agreed ethics language, the CLARITY Act may lose the Democratic votes it gained during the committee stage. Senate leaders aim for a vote before the August recess, but the tight calendar leaves little room for prolonged negotiations. Any changes made in the Senate may also require further House action before reaching the president’s desk.

    The next milestone is the release of revised Senate text. Its ethics provisions will determine whether negotiators can secure enough Democratic support while maintaining Republican backing for the broader crypto market structure framework.

  • CLARITY Act Stalls in Senate as Legislative Window Narrows Before August Recess

    CLARITY Act Stalls in Senate as Legislative Window Narrows Before August Recess

    The Digital Asset Market Clarity Act (CLARITY Act) remains stalled in the U.S. Senate after lawmakers missed an informal July 4, 2026, signing target. No cloture motion has been filed, and no floor vote has been scheduled, leaving the bill at Calendar No. 423. The legislation previously passed the House with bipartisan support and advanced through the Senate Banking Committee, but it still requires full Senate approval, reconciliation of separate committee versions, and the president’s signature to become law. With the Senate returning from recess on July 13 and the August 7 break approaching, time is rapidly running out.

    Senate Vote Faces Political and Procedural Hurdles

    The House approved the CLARITY Act on July 17, 2025, and the Senate Banking Committee advanced it in May 2026. Senate Majority Leader John Thune has not scheduled debate, and lawmakers have not filed the cloture motion needed to initiate floor proceedings. Republicans hold 53 seats. Senators Josh Hawley and Rand Paul oppose the bill, while Democratic Senators Ruben Gallego and Angela Alsobrooks supported it in committee with conditions. To overcome a filibuster, supporters need 60 votes, requiring between seven and nine Democratic supporters.

    Ethics Concerns and Policy Disputes

    President Donald Trump’s July 1, 2026, financial disclosure listed approximately $1.4 billion in cryptocurrency-related income during 2025, including roughly $635 million in royalties from the $TRUMP meme coin and over $500 million from World Liberty Financial token sales. The White House opposes any language targeting the president’s crypto holdings. An ethics amendment proposed by Senator Chris Van Hollen was rejected by the Senate Banking Committee 11–13. Senator Kirsten Gillibrand has stated that enforceable rules covering government officials’ crypto holdings are necessary before she supports the bill.

    Developer Protections and Stablecoin Yield Debate

    Section 604, which would exempt non-custodial software developers from money-transmitter registration requirements, remains a sticking point. The National District Attorneys’ Association argues it could complicate crypto-related criminal investigations. Separately, stablecoin yield provisions are contested. The American Bankers Association warns that the current language creates a potential loophole for interest-equivalent yields beyond limits in the GENIUS Act. Coinbase currently earns about $1.35 billion annually from USDC rewards, making this issue significant.

    Industry groups like Stand With Crypto continue urging Senate leaders to preserve developer protections and bring the bill to the floor. Meanwhile, Bitcoin traded at $63,046 at publication (July 7, 2026), reflecting a 6% weekly gain but remaining about 50% below its October 2025 record high of $126,173.

    What’s Next?

    With only about three weeks before the August recess, the bill needs Senate approval before the end of July to maintain momentum, according to Stifel policy strategist Brian Gardner. Beacon Policy Advisors warned that missing that window could end the legislation’s path in 2026. Reconciliation between the Senate Banking Committee and Senate Agriculture Committee versions also remains pending. The CLARITY Act’s fate now hinges on resolving ethics disputes, securing enough Democratic votes, and surmounting procedural obstacles in a tight timeframe.