The United States' efforts to create a clearer regulatory framework for the cryptocurrency industry are showing positive developments as President Donald Trump reportedly agreed to the ethics provision that is the final hurdle in negotiations for a bill related to digital assets.
According to industry sources, the agreement was reached after several months of negotiations between the White House and lawmakers.
The move is expected to speed up the process of presenting the full text of the bill before it is brought to the Senate for a vote in the near future.
The ethics provision aims to limit the opportunities for the president, vice president, members of Congress and senior government officials to make personal profits through digital assets while still in office.
This issue is of concern because Trump has previously been linked to his memecoin project and his family's crypto company, World Liberty Financial (WLF), which is reported to have generated millions of dollars in revenue based on recent financial disclosures.
The bill, known as the Clarity Act, would be the first comprehensive law at the federal level to regulate the digital asset industry in the United States.
It also clarifies the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing the crypto market.
The development is seen as an important step in providing legal certainty to companies and investors involved in the digital asset industry.
Regulatory clarity is expected to encourage more participation by financial institutions and strengthen the competitiveness of the US crypto market globally.
The full text of the bill is expected to be published in the coming days before it is presented for a full vote in the Senate.
The Senate has until the first week of August to approve the bill before it returns to the House of Representatives.
If approved by both chambers, the bill will be sent to Trump to sign and become law.
Sources familiar with the negotiations said that the additional time to finalize the text of the bill has the potential to increase bipartisan support from Republicans and Democrats.
If the Clarity Act is successfully passed, it is expected to be a major turning point for the US crypto industry by providing a clearer regulatory framework, increasing investor confidence and paving the way for long-term growth of the digital asset market.
