Senate Republicans Revise Clarity Act with New Ethics Language

US Senate Republicans have released a revised draft of the Clarity Act, major cryptocurrency legislation that includes new ethics language approved by President Donald Trump. The bill has been hotly contested, with some senators warning it could destabilize the banking system.

The updated text adds conflict of interest rules put forth by Senators Thom Tillis and Ruben Gallego, according to a statement from Senators Cynthia Lummis, John Boozman, and Tim Scott. The new ethics language reflects unprecedented restrictions that would apply to every federally elected official, judge, and their spouses.

President Trump has voluntarily agreed to these ethics restrictions, which are considered some of the toughest in US history, according to Senator Lummis. This is a significant concession for the crypto industry, which has spent hundreds of millions of dollars campaigning for the Clarity Act. The bill aims to put cryptocurrency companies on a solid legal footing.

The revised draft also includes new guardrails on affiliate trading and clarifies the applicability of state consumer protection laws. It protects software developers as well. Democrats and some Republicans had previously expressed concerns that the bill has insufficient safeguards, but Senate Republicans are optimistic about its prospects.