- Senate Republicans have released a 616-page updated version of the CLARITY Act, bringing the legislation closer to a full Senate vote.
- The bill adds new ethics rules that would prohibit presidents, members of Congress, and other federal officials from issuing or sponsoring digital assets while allowing them to own crypto investments.
- It also includes protections for non-custodial blockchain developers and new provisions addressing law enforcement concerns.
Senate Republicans have unveiled the latest version of the CLARITY Act, a sweeping cryptocurrency market structure bill that could receive a full Senate vote as early as next week.
The updated 616-page proposal combines previous versions approved by the Senate Agriculture and Banking Committees and introduces several significant revisions aimed at securing broader bipartisan support.
Among the most closely watched additions are new ethics provisions governing public officials, expanded protections for blockchain developers, and additional measures designed to address law enforcement concerns.
Ethics Rules Target Public Officials
One of the bill’s biggest changes is a new section restricting senior government officials from issuing or sponsoring digital assets while serving in office.
The prohibition would apply to presidents, vice presidents, members of Congress, other federal officials, and their spouses. However, the legislation would still allow those individuals to invest in cryptocurrencies like other investors.
Under the current draft, enforcement would fall to the U.S. Department of Justice, though some lawmakers have argued that state attorneys general should also play a role.
The ethics provisions would expire after January 20, 2029, under a sunset clause included in the legislation.
Legal Clarity for Blockchain Developers
The revised bill also incorporates the Blockchain Regulatory Certainty Act, one of the crypto industry’s most closely followed proposals.
The provision establishes that developers creating non-custodial blockchain software would not automatically be treated as money transmitters simply because users interact with their code.
Supporters argue the measure provides long-needed legal certainty that could encourage blockchain innovation to remain in the United States rather than moving overseas.
At the same time, some law enforcement organizations and advocacy groups have raised concerns that the safe harbor could complicate investigations involving illicit financial activity.
Expanded Law Enforcement Measures
In response to those concerns, lawmakers added 25 new sections intended to strengthen investigative and enforcement capabilities.
The revisions seek to balance support for decentralized software development with additional tools for combating financial crime and other illegal activities involving digital assets.
Industry organizations described the latest draft as meaningful progress while emphasizing that they are continuing to review the updated language.
Final Senate Vote Draws Near
The CLARITY Act still requires bipartisan support to clear the Senate, and negotiations over the ethics provisions are expected to continue before any final vote.
If approved by the Senate, the legislation would move to the House of Representatives before reaching the President’s desk.
With Congress facing a limited legislative calendar before attention shifts toward the election season, the coming weeks could prove pivotal for what would become the most comprehensive federal crypto market structure law considered in the United States.
