Senate Republicans Release Revised Crypto Bill Ahead of Critical Vote
A revised draft of the Clarity Act, a regulatory framework for cryptocurrencies, has been released by US Senate Republicans. The updated text addresses concerns from Democrats over ethics provisions and banking industry worries about lending.
The bill had stalled amid fears that it would create insufficient safeguards against illicit finance and destabilize the banking system by allowing crypto companies to compete with deposits.
Senate Republicans, led by Cynthia Lummis of Wyoming, John Boozman of Arkansas, and Tim Scott of South Carolina, say they have made 126 substantive changes in response to Democratic concerns.
The new text includes stronger language banning public officeholders from profiting off their own crypto ventures, including a provision that gives state attorneys general more power to enforce the restrictions.