CLARITY Act Gets Final GOP Offer Before Senate Vote
The bill would add penalties, divestment rules and temporary Treasury powers over stablecoin rewards as Republicans seek Senate approval.
- The Senate will hold a procedural vote on Tuesday to advance the CLARITY Act, which a Republican aide described to Politico as the party's "last, best and final" offer after a year of bipartisan negotiations.
- Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis stated that President Donald Trump agreed to new ethics provisions, which require covered officials to divest significant financial interests or place them in a qualified blind trust.
- Violations carry civil penalties of $500,000 or 20% of the transaction amount, whichever is greater, with state attorneys general empowered to enforce bans on federal officials holding significant financial interests in digital assets.
- The revised Blockchain Regulatory Certainty Act retains protections for miners and validators under the Bank Secrecy Act, while Treasury Secretary Bessent receives 18-month authority to restrict stablecoin rewards if community banks lose deposits substantially.
- Incorporating 126 substantive changes requested by Democrats, the final proposal removes references to Section 1960 of Title 18 of the Code, which previously prohibited unlicensed money transmitting businesses.
20 Articles
20 Articles
Revised CLARITY Act Sets Rules for Controlled DeFi
A revised version of the CLARITY Act would direct United States regulators to determine whether people or groups controlling “non-decentralized finance trading protocols” must comply with securities, commodities and anti-money laundering (AML) requirements. The revised text, posted on Senator Cynthia Lummis’ website, defines such a protocol as one whose functionality, operation, or rules can be […]
🚨 Trump has accepted approximately 80% of the bipartisan ethics compromise ahead of the CLARITY Act. 📌 60 votes are needed for the September 15th procedural vote in the Senate, and political bargaining continues. 📊 During this process, the price reaction for $XRP remained limited, while $18.98 million inflows were recorded into US spot ETFs between September 8-10. 🧭 The vote will not determine the legal status of XRP and will not directly en…
The Republicans of the U.S. Senate unveiled a new version of the CLARITY Act, presented as their final offer before a decisive vote on Tuesday. In an attempt to rally the Democrats, Donald Trump accepted a clear tightening of the rules of ethics related to cryptocurrency. Article Clarity Act: Trump accepts more ethically so that the text passed appeared first on Cryptoast.
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