Clarity Act Revised Ahead of Crucial Senate Vote
US Senate Republicans have released a revised draft of the Clarity Act, a major cryptocurrency legislation that aims to create a regulatory framework for cryptocurrencies. The new text addresses concerns from Democrats and the banking industry, which had stalled the bill's progress.
The revised bill includes stricter restrictions on public officeholders profiting from their own crypto ventures, an effort aimed at US President Donald Trump's World Liberty Financial, who disclosed $1.4 billion in profits from his crypto ventures in June.
Republican Senators Cynthia Lummis, John Boozman, and Tim Scott said the new text incorporates 126 substantive changes made at the request of Democrats. However, it is unclear if the bill has enough support to pass a key procedural vote on Tuesday, which requires 60 votes for approval.