Trump is weighing the ethical counterproposal of the CLARITY Act, and the Senate needs to secure 60 votes of support before August 7

According to Bitcoin.com, U.S. President Trump is weighing the bipartisan ethical counterproposal of the CLARITY Act, and Senate negotiators need to finalize the cryptocurrency conflict of interest rules before the recess on August 7.

The bill aims to establish a federal regulatory framework for cryptocurrency companies through the division of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted an enforcement proposal to the White House on July 29. This proposal allows state-level agencies to enforce federal officials' bans on issuing or sponsoring digital tokens, rather than solely handling related violations through the Department of Justice.

The U.S. House of Representatives passed a version of the bill on July 17 with 294 votes in favor and 134 against, with over 70 Democrats voting in favor. The Senate has not yet held a full vote; the bill needs 60 votes to pass, and if all Republicans support it, at least 7 Democrats will still need to vote in favor.