New CLARITY Act update bans officials including presidents from issuing or even holding crypto tokens
Senate Republicans released a revised CLARITY Act to move a major crypto market-structure bill toward a possible floor vote. The draft seeks to set federal rules for digital assets while addressing key Senate disputes: ethics rules for federal officials, stablecoin rewards, developer protections, and enforcement. It would bar the president, vice president, lawmakers, judges and other covered officials, plus spouses, from issuing or sponsoring crypto for compensation, require divestment or blind trusts for existing holdings, and mandate disclosure of crypto sales over $1,000. DOJ would enforce the rules, though Democrats still want a role for state attorneys general. The bill also preserves protections for software developers and DeFi infrastructure providers, while adding crime-fighting tools, stablecoin compliance requirements, and bankruptcy protections for customer assets. Further negotiations are needed before any Senate vote, and House-Senate differences would still have to be resolved.
