Senate Republicans release revised Clarity Act with Trump ethics plan

  • Senate Republicans released a revised Clarity Act incorporating Trump’s agreed ethics plan.
  • Republicans narrowed blockchain protections to Bank Secrecy Act and civil enforcement matters.
  • The proposal adds stablecoin safeguards and restrictions on vertically integrated digital-asset businesses.

U.S. Senate Republicans released a revised version of the Clarity Act before a Tuesday vote to end debate, presenting it to Democrats as their "last, best and final" proposal. The text incorporates an ethics plan agreed to by Trump and changes provisions covering the Blockchain Regulatory Certainty Act, stablecoin yields and the so-called "Ag" section. The revised blockchain protections would apply only to the Bank Secrecy Act and civil enforcement, removing language that extended them to criminal cases, including prosecutions under Section 1960. The ethics plan would require Trump to sell a "substantial" amount of crypto-related financial interests or place them in a blind trust, while allowing state attorneys general to enforce the provisions. The stablecoin yield section adds a circuit-breaker mechanism under which federal regulators could intervene if evidence shows large-scale movement of community-bank deposits into stablecoins (digital tokens designed to maintain a stable value); Treasury Secretary Scott Bessent would serve as the adjudicator. The "Ag" section adds restrictions on vertical integration, including related-party transactions and conflicts of interest involving digital commodity exchanges, brokers and dealers. It also states that state consumer-protection laws remain applicable. Developer protections would not exempt developers from derivatives law or affect prediction markets.

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