U.S. Democratic Senator Ruben Gallego said he will work with Republicans on a counterproposal to the ethics provisions in the CLARITY Act that the White House has endorsed. According to Odaily, he said the draft released this week was "not a serious proposal."

U.S. Senate Republicans released proposed CLARITY Act text on Wednesday. The ethics provisions would bar all U.S. federal officials, including U.S. President Donald Trump, from issuing or sponsoring any digital asset.

Democrats said the ethics provisions are not strong enough. Republican Senator Bernie Moreno rejected that view, saying the draft contains "the strongest ethics language in American history." Gallego said he will move the counterproposal forward with Senator Thom Tillis and other Republicans and submit new draft language.