Clarity Act Countdown! Senate's New Timeline Revealed! Will Trump Approve New Ethics? | Cody Carbone
August 1, 2026
AI Summary
5 min read“This bill has become solely about ethics, which is unfortunate,” Cody Carbone says early in the conversation. “It’s a 616-page bill that will create a foundational framework for digital asset regulation and allow the US to lead, but it’s all become about politics and ethics.”
Carbone, CEO of the Digital Chamber, joined the Thinking Crypto Podcast to walk through the state of play for the Clarity Act as the Senate enters a critical week. The conversation covers the ethics standoff with the White House, the procedural path to passage, a brewing stablecoin yield fight with banks, and a new legal challenge against Illinois over a discriminatory crypto tax.
The Ethics Hinge: What the White House Is Being Asked to Sign
The most immediate obstacle to the Clarity Act is not the substance of the bill—which Carbone says is broadly agreed upon across party lines—but an ethics provision aimed squarely at President Trump. A bipartisan group led by Senators Tom Tillis and Ruben Gallego sent new ethics language to the White House just before the episode. While the text is not public, Carbone reports that Democrats want two things: state attorneys general to have an enforcement role (rather than leaving enforcement solely to Trump’s own U.S. Attorney General), and for the president to divest all crypto-related income.
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What you'll learn
- 1 (03:29) **New Bipartisan Ethics Agreement Sent to White House** - Cody Carbone explains that Senators Tillis and Gallego sent new ethics language to the White House, making the Clarity Act's fate hinge on the President's willingness to accept self-imposed limits on digital asset profits.
- 2 (05:35) **Politics Over Substance: The Shift in the Clarity Act Debate** - Cody describes how the focus has moved from the bill's bipartisan substance to a political messaging battle ahead of the midterm elections.
- 3 (07:35) **Key Democratic Senators to Watch on the Clarity Act** - Cody identifies the top Democrats who are likely to support the bill, tying their potential votes to the Genius Act's previous support.
- 4 (09:30) **Senators Hawley and Paul's Anti-Crypto Position** - Cody explains why these two Republicans are resistant to the Clarity Act, grouping them with Elizabeth Warren's anti-big-tech stance.
- 5 (11:04) **The Banking Lobby's Late Push on Stablecoin Yield** - Cody addresses the banks' continued "relentless" opposition to the stablecoin yield compromise, arguing their strategy is counterproductive.
- 6 (13:06) **Jamie Dimon's Silence and JP Morgan's Real Agenda** - Cody analyzes the apparent contradiction between JP Morgan's public anti-crypto rhetoric and its private actions.
- 7 (15:36) **The Realistic Timeline: Procedural Votes, Not Final Passage** - Cody outlines the legislative reality that a full Senate vote is unlikely before the August recess, making procedural votes the key goal.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
Topics:
- Clarity Act ethics - will President Trump approve?
- Will the Senate vote on the Bill next week?
- Can the Bill make it to the House for a vote?
- Suing Illinois over their Digital Tax Bill
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⏰ Time Stamps ⏰
00:00 Intro
02:26 Clarity Act Ethics
14:15 Time for House to Vote?
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#ClarityAct #Crypto #Trump #CryptoNews #Cryptocurrency #Bitcoin #BTC #BitcoinNews #Ripple #XRP #XRPNews #Ethe
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