The White House has not responded to a counterproposal on the CLARITY Act, and the bill's approval odds have cratered. Senators Thom Tillis and Ruben Gallego had pushed for stronger ethics provisions in the legislation. Heading into the week of a potential vote, the deal has not materialized.
A counterproposal without a reply
The CLARITY Act, a bill aimed at clarifying cryptocurrency regulations, was seen as a bipartisan compromise earlier this year. But after senators introduced a counterproposal with beefed-up ethics rules, the White House went silent. That lack of engagement has torpedoed the bill's chances.
Approval odds now sit at 28%, down from 70% earlier this year. That's a steep drop in a short time. The White House's failure to even acknowledge the counterproposal is a major reason for the shift.
Ethics provisions at the center
Tillis and Gallego pushed for stronger ethics provisions in the counterproposal. The details of those provisions haven't been made public, but the senators clearly saw them as essential. Without a White House response, the bill's path forward is blocked.
The clock is ticking. A potential vote is scheduled for the coming week, but without a deal, it's unclear if the bill will even make it to the floor.
What happens next
The week of a potential vote is here, but the deal has not materialized. The White House has not responded to the counterproposal. Senators Tillis and Gallego have not commented publicly on the silence. The CLARITY Act's approval odds remain at 28%.
