Revised Crypto Bill Tries to Win Over Democrats and Banking Industry
Senate Republicans have unveiled a revised version of their cryptocurrency bill, known as the Clarity Act, in an effort to address concerns from both Democrats and the banking industry. The updated text aims to create a comprehensive regulatory framework for cryptocurrencies.
The new draft includes 126 substantial changes requested by Democrats, with a focus on strengthening ethics restrictions and providing more enforcement power to state attorneys general. Specifically, the bill now targets public officeholders' involvement in crypto ventures, which has been a point of contention due to President Trump's $1.4 billion crypto earnings.
The revised Clarity Act also includes new bank deposit protections, consumer safeguards, and clarification on state consumer protection law applicability. However, despite these revisions, the banking industry still opposes provisions allowing crypto companies to offer rewards on stablecoins, citing increased competition for deposits.