CLARITY Act Nears Senate Vote After Months of Negotiations
The CLARITY Act is nearing its final Senate vote after months of negotiations. A revised version has been released, reflecting over 120 concessions by Democrats.
Senators Cynthia Lummis, Tim Scott, and John Boozman announced the final draft on Monday, touting bipartisan support for the bill. The text includes changes to ethics rules for federal officials, stablecoin-related bank deposit flight, developer protections, and digital commodity intermediaries.
The revised language targets two of the most contentious issues: crypto interests by federal officials and community banks' exposure to stablecoin competition. The new regulations would require covered individuals to divest or place their interests in a qualified blind trust, with penalties up to $500,000 or 20% of the consideration received.
The Senate will vote on cloture at 2:15 p.m. Tuesday. If passed, Republicans plan to offer the final text as a substitute amendment and move the legislation into formal Senate consideration.