US Senate Republicans Release Revised Crypto Bill Ahead of Key Vote

A revised draft of the Clarity Act, a major cryptocurrency legislation, has been released by US Senate Republicans. The new text addresses concerns from Democrats and the banking industry over ethics provisions and potential destabilization of the banking system.

The bill would create a regulatory framework for cryptocurrencies and had stalled due to opposition from both parties. Republican Senators Cynthia Lummis, John Boozman, and Tim Scott said the revised draft incorporated 126 substantive changes requested by Democrats.

The new text includes stricter restrictions on public officeholders profiting off their own crypto ventures, including rules proposed by Senators Thom Tillis and Ruben Gallego. It also gives state attorneys general more power to enforce these restrictions.

However, the banking industry remains concerned about language that would allow crypto players to offer rewards on dollar-backed tokens known as stablecoins.