Senate Republicans Revise Cryptocurrency Bill Amid Banking Concerns
U.S. Senate Republicans have released a revised draft of the Clarity Act, a major cryptocurrency legislation that addresses concerns from Democrats and the banking industry.
The bill, which aims to create a regulatory framework for cryptocurrencies, had stalled amid worries over ethics provisions and potential destabilization of the banking system.
Republican Senators Cynthia Lummis, John Boozman, and Tim Scott said the new text incorporates 126 substantive changes made at the request of Democrats, including stricter restrictions on public officeholders profiting off their own crypto ventures.
The new draft also includes rules put forth by Senators Thom Tillis and Ruben Gallego to give state attorneys general more power to enforce these restrictions.