New Clarity Act emerges that's a start on the final draft, makes ethics rule temporary
A new draft of the Clarity Act has emerged, featuring temporary ethics rules regarding government officials' crypto holdings and protections for decentralized finance developers. Senate leadership aims to advance the bill before the summer recess, though it faces hurdles in securing Democratic support.
Why it matters
The bill represents a major legislative attempt to establish a comprehensive regulatory framework for the U.S. cryptocurrency industry.
The final working draft of the Clarity Act has emerged days after talks with President Donald Trump had led to a deal on how Republicans would press the effort's biggest remaining hurdle: that section to limit the president and other senior government officials from direct crypto ties, which is currently set to conclude in 2029 and leaves the Department of Justice in the role of policing related ethics complaints, according to sources’ descriptions of the draft circulating on Wednesday.
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