Crypto
Home›Crypto›Regulation›CLARITY Act update targets officials’ crypto holdings…
CLARITY Act update targets officials’ crypto holdings and issuance
The revised bill would bar covered federal officials from issuing or sponsoring crypto for compensation and require disclosures for digital-asset sales above $1,000.
CryptoSlate reports that on July 22, US Senate Republicans released an updated version of the CLARITY Act that moves the bill back toward a potential floor vote. The proposal aims to create a broad federal market-structure framework for digital assets in the United States.
The update seeks to resolve disputes that have complicated its progress in Congress, including ethics restrictions on federal officials, stablecoin rewards, and the regulatory treatment of crypto developers and intermediaries. Republicans are expected to need Democratic votes to reach the 60-vote threshold required to clear procedural hurdles in the Senate.
Under the revised legislation, the president, vice president, members of Congress, federal judges, and other covered officials would be prohibited from issuing or sponsoring cryptocurrencies and other digital assets for compensation while in office, with spouses also included in the restriction. The proposal also would require covered officials to address cryptocurrency and digital-asset holdings they already have, including selling affected holdings, placing them in blind trusts they do not control, or using a combination of both.
The measure would require disclosure of crypto sales exceeding $1,000 and directs the Government Accountability Office to study whether additional gaps remain in federal ethics rules for cryptocurrency, recommending further changes where needed. Enforcement would largely fall to the Justice Department, which would receive civil authority to pursue violations of the restrictions, according to CryptoSlate.