CLARITY Act Final Draft Released, Trump Backs Crypto Ethics Restrictions
Senate Republicans have released the final draft of the CLARITY Act, a bill aimed at regulating the crypto market. The 635-page document includes 126 substantive changes requested by Democrats.
The revised legislation reflects an agreement between President Donald Trump and Senators Thom Tillis and Ruben Gallego on about 80% of their proposed crypto ethics restrictions. Officials would be required to divest significant crypto-related interests or place them in a blind trust, with state attorneys general able to enforce these restrictions.
A temporary stablecoin-rewards safeguard has also been included in the bill. The Treasury secretary would have authority to restrict stablecoin rewards if they cause substantial deposit outflows from community banks.