Sen. Tillis becomes ‘latest roadblock’ for crypto bill as he pushes ethics provisions, TD Cowen says

Senator Thom Tillis has emerged as a significant obstacle to the passage of the crypto bill, known as the Clarity Act, by insisting on the inclusion of ethics provisions. TD Cowen, an investment bank, stated that Tillis, a member of the Senate Banking Committee, has threatened to vote against the bill if it does not incorporate ethics language. This demand presents a new challenge, particularly as it could impact the Trump family, according to Jaret Seiberg, managing director at TD Cowen's Washington Research Group. Seiberg noted Tillis's recent success in a standoff with the President over the Federal Reserve, suggesting Tillis is prepared to use his influence. Tillis has been a key negotiator for the bill, especially concerning stablecoin yield issues, and recently requested a delay in its markup. Seiberg believes Tillis's motivation stems from a desire to prevent government officials, including the President, from profiting from the crypto sector. Despite market expectations for the bill's passage this year, Seiberg highlighted ongoing hurdles, including the difficulty in crafting ethics provisions that satisfy all parties, the potential impact on current business interests, and the lack of easy solutions for bipartisan support. He also pointed to previous concerns such as the absence of CFTC commissioners, conflicts related to a Trump-linked crypto project, and Iran's use of crypto payments.

(Source：The Block)