US Senate Unveils Revised Crypto Bill with Tougher Ethics Rules
A revised draft of the Clarity Act, major cryptocurrency legislation in the US Senate, has been released with new ethics language approved by President Donald Trump. The updated bill includes conflict of interest rules put forth by Senators Thom Tillis and Ruben Gallego.
The new ethics restrictions will hold every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in US history, according to Senator Cynthia Lummis. This move has been met with significant lobbying efforts from the crypto industry, which claims that the Clarity Act will provide a solid legal footing for crypto companies.
The Senate is set to hold a procedural vote on Tuesday, which could determine the fate of the bill. Some critics have expressed concerns that the bill lacks sufficient safeguards and may destabilize the banking system.