Senate Republicans Release Revised Crypto Bill Text
The revised Clarity Act text introduces strict ethics rules for federal officials and their spouses.
Senate Republicans released a revised draft of the Clarity Act on Monday. The text includes new ethics language approved by President Donald Trump. This addition responds to concerns about conflicts of interest in crypto regulation.
The final bill text reflects conflict of interest rules proposed by Senators Thom Tillis and Ruben Gallego. Senator Cynthia Lummis stated that the President agreed to unprecedented ethics restrictions. These rules apply to federally elected officials, judges, and their spouses.
New Consumer Protection Measures Added
The draft adds guardrails on affiliate trading to protect consumers. It clarifies the applicability of state consumer protection laws. The text also includes specific protections for software developers.
Industry Lobbying Intensifies Ahead of Vote
The crypto industry spent hundreds of millions of dollars to advance the Clarity Act. Proponents argue the bill provides a solid legal footing for crypto companies. The banking sector also engaged in a final lobbying blitz in senators' home states.
Democrats and some Republicans previously warned that the bill has insufficient safeguards. Critics claimed the legislation could destabilize the banking system. The Senate scheduled a procedural vote for Tuesday to determine the bill's fate.
Political Context of the Ethics Clause
The inclusion of ethics language aims to address opposition from both parties. Senators John Boozman and Tim Scott also issued the statement detailing the changes. The move seeks to align the legislation with broader standards of public trust.
According to GN markets/crypto (en-US), the revised text represents a significant shift in the legislative process. The bill must now navigate a procedural vote that will shape its future. The outcome will impact the regulatory landscape for digital assets in the United States.
