White House backs ethics deal on CLARITY bill
- The White House agreed to ethics rules for the CLARITY Act to help win Senate support.
- Bitcoin (CRYPTO:BTC) climbed above US$66,000 after the news, reaching a seven-week high.
- The bill still needs 60 Senate votes before it can become law.
Bitcoin (CRYPTO:BTC) rose above US$66,000 after reports that the White House accepted ethics changes to the CLARITY Act.
The reported deal could help the bill win support from some Senate Democrats after months of delays.
"The administration is committed to working with Congress to see the CLARITY Act advance and has agreed to the most comprehensive and wide-ranging ethics provision in history," a White House official told Cointelegraph, adding it had "bent over backward to accommodate Democrats' concerns."
The Senate has not released the final bill, and lawmakers have not scheduled a vote.
Some Democrats still want stronger ethics rules because of President Donald Trump's crypto investments and his family's World Liberty Financial business.
The CLARITY Act would create new rules for digital assets, but lawmakers are still debating ethics, tokenisation, stablecoins and developer protections.
Coinbase vice chair Ryan VanGrack said Democrats had already secured stronger customer protection measures, while some senators still want hearings before a final vote.
At the time of reporting, Bitcoin price was $66,250.61.
