[Bloomberg: Trump is the biggest obstacle to the passage of the CLARITY Act, ethics provisions face Democratic opposition] BlockBeats News, July 26, according to Bloomberg, Trump and his affiliates have earned approximately $1.4 billion in profits through meme coin and token businesses, becoming the biggest obstacle to the passage of the CLARITY Act. Democrats are demanding stricter provisions to prevent the president from continuing to profit from the crypto industry regulated by his administration, while Trump needs the support of at least seven Senate Democrats to push the bill forward. Democrats oppose the Justice Department being led by an attorney general appointed by Trump as the primary enforcement agency for ethics regulations and are demanding that state attorneys general be granted independent enforcement authority. Bipartisan senators Ruben Gallego and Thom Tillis are discussing a compromise plan, but Senate Majority Leader John Thune has stated that the bill is unlikely to pass before the August recess. Critics argue that the current draft allows Trump to sell significant stakes in his crypto businesses or place them in a blind trust but does not mandate a sale; the provisions only apply to situations where officials have "direct interests" in crypto assets. Whether Trump's indirect holding of approximately 38% of World Liberty Financial shares through DT Marks DEFI LLC falls under the scope remains unclear. The bill also does not restrict the children of government officials, and the ethics requirements are set to expire on January 20, 2029. In addition to ethical concerns, Democrats are also demanding stronger consumer protection and anti-illicit finance measures, while the banking industry is pushing for tighter restrictions on stablecoin rewards. The probability of the CLARITY Act passing within the year has dropped to approximately 33%, about half the probability after the Senate Banking Committee supported an earlier version in May. [Original link]