Senate Crypto Bill Sees Final Text Release
The Clarity Act text was updated late Sunday with new ethics rules. The Senate faces a procedural vote on Tuesday.
The Senate is set to vote on the Clarity Act on Tuesday. The bill text was released late Sunday with significant changes. These updates aim to secure the necessary votes for passage. The core issue remains the ethics provision. Democrats have demanded strict limits on official involvement in crypto.
Senators Lummis, Scott, and Boozman unveiled the new draft. They described it as their final offer to the opposing party. The text includes a White House-approved ethics section. This was the central demand from Democratic lawmakers. The goal is to clear the procedural hurdle this week.
Ethics Rules Address Official Conflicts
The new language bars public officials and spouses from issuing digital assets. This directly targets concerns about presidential crypto ventures. The provision removes a sunset clause tied to the current administration. It grants state attorneys general the power to bring cases. They can sue the Department of Justice or crypto companies for violations.
Democrats previously rejected a draft that assigned enforcement solely to the DOJ. They doubted the agency would act against the president's interests. Shifting some authority to state prosecutors was a key compromise. A Senate GOP aide stated that Trump agreed to about 80 percent of the proposal. This figure refers to the specific ethics language sent in late July.
Vote Outcome Remains Uncertain
Supporters need a handful of Democratic votes to pass the bill. It is unclear if the new text will attract them. Brian Gardner of Stifel noted that the changes might not be enough. However, he said they open the door for some support. The procedural vote is scheduled for Tuesday.
The Hill reported that the negotiations have plagued talks for months. The final text represents a last attempt to bridge the gap. Market watchers are monitoring the vote closely. A successful passage would provide a major regulatory framework. Failure would leave the industry without clear federal rules.
Market Watchers Await Tuesday Decision
Investors are tracking the legislative progress closely. The Clarity Act is seen as a critical step for crypto. According to GN markets, the outcome will impact market sentiment. A yes vote would validate the regulatory path. A no vote could trigger volatility in digital asset prices.
The bill's fate hinges on a small group of undecided senators. The new ethics rules are the primary lever for persuasion. The market remains on high alert until the vote concludes. The stakes are high for both policymakers and traders.
