Democratic Senator Ruben Gallego warned that rushing the CLARITY Act to a Senate vote before lawmakers resolve disputes over ethics and stablecoin yield could set US crypto market structure legislation back.
Speaking at the SALT Wyoming Blockchain Symposium on Wednesday, Gallego said the crypto industry should encourage Senate Democrats and Republicans to continue negotiating instead of pushing for an immediate vote. He said lawmakers still had to address the bill’s Agriculture Committee portion, assemble the broader package and determine how to send it to the House.
The CLARITY Act would establish a federal framework for digital assets and divide oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission. On Aug. 7, Senate Majority Leader John Thune confirmed to Cointelegraph that the chamber was “punting” the vote and said CLARITY would be queued up “first thing” after lawmakers returned from recess in September.
“Don’t go for a fast vote,” Gallego said. “A fast vote gets you a fast result, but I’m not sure it’s the result you want.” He added that Congress still had a lot of steps to complete and that “any premature movement is going to set it back further.”
Gallego says White House has not answered ethics proposal
Gallego said he and Republican Senator Thom Tillis submitted compromise ethics language to the White House before the congressional recess but had not received a point-by-point response. He said that sufficiently strong ethics restrictions were necessary to attract Democratic support and advance the bill.
“We’ve been sending offers over and over again to the White House, and they’ve been coming back either blank, or they’ve come back even slightly further back, or we’ve heard nothing,” Gallego said.
Cointelegraph reached out to the White House for comment but did not receive a response before publication.
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The remarks follow renewed pressure from the administration. On Wednesday, Trump urged Congress to pass a “fair version” of the CLARITY Act during a White House appearance with crypto executives.
White House crypto adviser Patrick Witt previously said the administration would negotiate with Democrats until the September vote but “can’t afford to wait forever.”
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