Senators have released new text for the Clarity Act, merging two versions and addressing for the first time what an ethics provision might look like. However, the bill isn't yet at the finish line.
We have a new draft of the Digital Asset Market Clarity Act, which merges the drafts advanced by the Senate Banking and Agriculture Committees. It also adds an ethics provision that would bar senior government officials from sponsoring or issuing their own cryptocurrencies.
For the bill to advance, the Senate needs to reach an agreement on ethics.
Democrats want a more binding ethics provision that would allow them to actually affect former President Donald Trump, while Trump and Republicans do not want that to happen.
The passage of this bill is crucial as it could lead to sweeping changes in the regulation of cryptocurrencies.
