CLARITY Act Overhauled with New Ethics Framework
The CLARITY Act has undergone significant changes as Senate Republicans seek to secure Democratic support for Tuesday's procedural vote on the cryptocurrency market structure bill.
The revised text includes an ethics framework backed by President Donald Trump that restricts public officials from issuing or sponsoring digital assets. The change addresses one of the main issues Democrats had raised during negotiations, and it allows both the Department of Justice (DOJ) and state attorneys general authority to enforce the rules.
US Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis stated that President Trump 'voluntarily agreed to unprecedented ethics restrictions,' holding federally elected officials and their spouses to 'some of the toughest ethics restrictions in US history.'