Senate GOP Unveils Final CLARITY Act Offer With Trump-Backed Crypto Ethics Proposal

Senate Republicans have made their final offer on the CLARITY Act, an attempt to pass legislation that addresses concerns around crypto assets and regulatory certainty. The revised bill includes a Trump-backed ethics proposal, which would require him to either divest his substantial crypto holdings or place them in a blind trust.

The new language also allows state attorneys general to enforce ethics rules, a concession the White House had previously resisted. Additionally, it tightens rules around vertical integration and conflicts of interest for digital commodity exchanges, while preserving state consumer protection laws.

Other key changes include narrowing the Blockchain Regulatory Certainty Act to Bank Secrecy Act civil enforcement only, removing criminal case protections; and adding a 'circuit breaker' that would allow Treasury Secretary Scott Bessent to intervene if stablecoins trigger mass deposit flight from community banks.