The updated language of the CLARITY Act is circulating now on social media. The bill now incorporates ethics provisions that bar certain government officials from various digital asset activities, including the issuance or promotion of digital assets.
Pre-existing interests may be placed in a blind trust or divested.
Some Democrats who have been a hurdle to bringing the bill to the Senate floor for a vote have cited the Trump family’s activity in the crypto sector.
As for stablecoin yield, a ban is in place that prohibits holders from receiving any interest or yield on payment stablecoins.
At the same time, rewards for activities are allowed.
Rulemaking will be given a year as the CFTC and SEC work to draw boundaries between the two agencies. The CFTC oversees registration for digital commodity exchanges, brokers, custodians, and more.
The Blockchain Regulatory Certainty Act (BRCA) that provides protection for developers remains. This provides a safe harbor for developers who create software that may be used for legitimate purposes or for purposes that transgress the law.
It is not yet clear whether there are enough Democrats to support the bill to advance it and ultimately sign it into law.
Developing…