Democrats may pull support for Clarity Act over ethics rules

U.S. Senate Democrats are considering withdrawing their support for the Clarity Act if it does not include ethics provisions for public officials regarding cryptocurrency, Politico reported, citing three sources. The key point of contention is whether to add the provisions during the Senate Banking Committee's vote. Republicans argue the matter is outside the committee's jurisdiction and propose adding the rules at the full floor stage, a position Democrats have rejected. Sen. Ruben Gallego of Arizona, who has been leading the ethics negotiations for the Democrats, reportedly stated in a private meeting on April 29 that the provisions must be incorporated at the committee level. The push for these ethics rules is reportedly fueled by concerns surrounding the Trump family's cryptocurrency business. Meanwhile, industry observers expect the bill's markup to proceed next week.