US Senate Democrats Prepare Counter-Proposal to Republican 'Clarity Act' Draft

US Senate Democrats are preparing a counter-proposal to address the Republican draft of the Clarity Act, with ethical provisions emerging as a central point of contention in cryptocurrency market regulation. Bitcoin.com reported that Democrats noted the Republican draft's ethical language fell short of expectations and is preparing an alternative proposal. Senator Ruben Gallego (D-AZ) stated he was dissatisfied with the new ethical language and pledged to develop additional alternatives. The Republican draft, which incorporates 126 substantive changes requested by Democrats, includes restrictions on virtual asset issuance and related conflicts of interest for the president, vice president, federal legislators, judges, and their spouses. The Senate is scheduled to hold its first procedural vote on the Clarity Act on May 15.