Progressive U.S. groups warn Democrats of political cost for backing CLARITY bill

Progressive U.S. groups are pressuring Democrats not to support the CLARITY Act, a crypto market structure bill, while criticizing Democratic Sen. Kirsten Gillibrand for mediating a compromise on the bill’s ethics provisions, Axios reported. Indivisible, Demand Progress and the Revolving Door Project sent a letter to every Democratic Senate office arguing that, because of crypto industry activity involving Gillibrand’s son, Democrats could be left with less ground to criticize President Donald Trump’s crypto business. Gillibrand holds that elected officials and their spouses should be barred from issuing or endorsing their own cryptocurrencies. Both parties are continuing negotiations to secure the 60 votes needed to pass the bill, with the ethics provision seen as the biggest obstacle. Republican lawmakers are discussing a compromise with the White House, but details have not been disclosed.