TheBlock
A fresh ethics compromise from Sens. Thom Tillis, R-N.C., and Ruben Gallego, D-Ariz., was sent to the White House on Thursday morning, a source familiar told The Block. The move comes as the Senate pushes to get the Clarity Act through its chamber before the August 7 recess.
Why it matters
The bill does not yet have the 60 votes it needs to clear the upper chamber, with lawmakers in both parties still holding reservations. A White House sign-off on the ethics language would clear one of the remaining friction points, but the floor math is what determines whether the market-structure framework actually lands this cycle.
Market impact
Digital asset market-structure legislation has been the dominant regulatory catalyst for U.S.-listed crypto names all year, and any movement on the 60-vote threshold tends to move the tape on exchanges, custodians, and tokenized-asset platforms with the most direct U.S. exposure. Traders will be watching the next 72 hours closely for whip counts and any sign the administration is prepared to publicly back the compromise.
Frequently asked questions
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What is the Clarity Act?
The Clarity Act is the bipartisan U.S. Senate bill that would establish a formal market-structure framework for digital assets, defining how trading, custody, and oversight are split between the SEC and CFTC.
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Who sent the new compromise to the White House?
Sens. Thom Tillis, R-N.C., and Ruben Gallego, D-Ariz., sent a fresh ethics compromise to the White House on Thursday morning, according to a source familiar speaking to The Block.
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Why does the bill need 60 votes?
The Clarity Act needs 60 votes in the Senate to overcome a filibuster and reach a final passage vote, and lawmakers in both parties are still holding reservations.
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What is the deadline for the Senate to act?
The Senate is aiming to clear the bill before it goes on recess on August 7, leaving a narrow window for a floor vote.
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How could the bill affect crypto markets?
A confirmed market-structure framework would clarify oversight rules for exchanges, custodians, and tokenized-asset platforms, and progress toward the 60-vote threshold has historically moved the tape on U.S.-listed crypto names.
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