Lack of moral provision remains the biggest hurdle. Senator Ruben Gallego (D-Ariz.), one of two Democrats who voted to advance the bill out of the Senate Banking Committee, has repeatedly said he would not support legislation on the Senate floor without a bipartisan ethics provision. Other Democrats have raised similar concerns over conflicts of interest involving public officials and digital assets.
As of Friday, no public transcripts of Thursday’s White House meeting had emerged, and no bipartisan ethics language had emerged, leaving one of the bill’s biggest hurdles unresolved.
If passed, the Clarity Act would establish a federal framework for digital asset markets by drawing a clear line between assets regulated by the Securities and Exchange Commission (SEC) and those overseen by the Commodity Futures Trading Commission (CFTC). Supporters argue that the measure would replace years of regulation through enforcement through rules written by Congress.
Industry officials reiterated that message during a House hearing Friday, marking one year since the chamber passed the legislation.
“The community has already done a lot of hard work,” Nova Labs executive Sara Aberg told lawmakers. He argued that regulatory uncertainty delayed investment in Helium Wireless Networks after the SEC sued the company, which was later settled. “Clarity is not a call for deregulation; it is a call for right regulation from the right regulator.”