The CLARITY Act just snagged another round of tweaks as Senate Republicans hustle for enough Dem support ahead of Tuesday’s procedural vote on the crypto market structure bill 🖤.
Those Spicy Last-Minute Tweaks 💀
This fresh 635 page version drops in an ethics framework backed by President Donald Trump that would block public officials from issuing or sponsoring digital assets. It also hands both the DOJ and state attorneys general the power to enforce the rules 👀.
The shift fixes a big Dem complaint from earlier talks where they pushed back on giving the DOJ sole enforcement duty. Worries around Trump and his family’s crypto money moves also fueled the debate.
US Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis stated,
“After a year of intense daily bipartisan negotiations, this bill is ready. President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in US history… Democrats got what they wanted; now they need to take yes for an answer.”
The ethics bit pulls in most of the Tillis-Gallego idea so officials must sell big crypto holdings or park them in a blind trust 📜.
Other Fresh Deets 🔥
BRCA changes now zero in only on the Bank Secrecy Act and civil enforcement after yanking language that covered criminal stuff like Section 1960 cases. Miners and validators get those protections too 💎.
Stablecoin yield rules gained a circuit breaker twist first floated by Tillis in July so federal regulators can jump in if stablecoins spark big community bank withdrawals 🌑.
Tighter vertical integration limits popped up covering affiliate trading and possible conflicts with digital commodity exchanges, brokers, and dealers. State consumer protection laws stay solid while developer shields won’t mess with derivatives regs or prediction market rules 🕸️.
Coinbase CEO Brian Armstrong showed support for the CLARITY Act before the Senate vote. He told CNBC’s Squawk Box Asia on September 10 the bill looks ready and has backing from law enforcement, banks, and crypto peeps after their earlier concerns got fixed 📈.
Just another echo from the void by iconofsin.eth 💖
