Revised Clarity Act Draft Includes New Ethics Language
A revised draft of the Clarity Act, major cryptocurrency legislation in the US Senate, has been released by Republicans. The new text includes ethics language that reflects conflict of interest rules proposed by Senators Thom Tillis and Ruben Gallego. According to the statement from Senators Cynthia Lummis, John Boozman, and Tim Scott, President Trump has voluntarily agreed to unprecedented ethics restrictions.
The Clarity Act aims to provide a solid legal footing for crypto companies, which have spent hundreds of millions of dollars campaigning in favor of the bill. The Senate is scheduled to hold a procedural vote on Tuesday that could determine the fate of the bill.
The new draft also includes provisions that protect consumers with guardrails on affiliate trading and clarify the applicability of state consumer protection laws. Additionally, it protects software developers.