US Republicans send ‘final’ CLARITY Act offer to Democrats
Senate Republicans released a revised 635-page CLARITY Act ahead of Tuesday’s procedural vote, aiming to win Democratic support. The new text adds major ethics restrictions on government officials’ involvement with digital assets, including bans on issuing, sponsoring, or holding significant crypto interests, plus required divestment or blind trusts. State attorneys general could enforce the rules, with penalties up to $500,000 or 20% of the prohibited transaction. The ethics provisions would start 360 days after enactment, or earlier if rules are finished. The bill also changes stablecoin rules by letting the Treasury Secretary restrict rewards if community banks face significant deposit losses, though that authority would expire after 18 months. The updated Blockchain Regulatory Certainty Act expands protections for developers, miners, and validators from being treated as money transmitters, while strengthening conflict-of-interest safeguards for crypto exchanges, brokers, and dealers.
