Republicans are pressing for Democratic votes to advance the Crypto Clarity Act, a bill aimed at setting federal rules for digital assets. Senator Dave McCormick said Democrats are blocking progress, adding that 'the time for delay is over.' The bill has been stuck over concerns from banking officials about stablecoin yield and ethics.
What the new draft changes
A revised version of the bill now bans federal officials and their immediate family members from issuing or promoting cryptocurrencies. That provision appears aimed at addressing conflict-of-interest worries — especially given President Trump's family involvement in crypto through meme coins and the DeFi platform World Liberty Financial. The White House has denied any wrongdoing by Trump regarding his crypto interests.
Who's for and against
Major institutions like Fidelity and Goldman Sachs have thrown their weight behind the revised bill. But some Democrats, including Senator Elizabeth Warren, have criticized it, claiming it would allow President Trump to profit from crypto. The criticism suggests the ethics language may not be enough to win over skeptics.
Why the timing matters
The bill has been deadlocked for months. Banking regulators have raised red flags about stablecoin yield models and potential conflicts. With the legislative calendar tightening, McCormick's push for a vote could force a showdown. Whether Democrats will cross the aisle — or demand further changes — remains the open question.
