U.S. Senator Cynthia Lummis said she will keep working over the coming days to secure a bipartisan agreement on the revised CLARITY Act and push it toward becoming law. In a public statement, Lummis thanked her Democratic colleagues for what she described as important contributions to the latest draft. She also said consumer protection and support for innovation are not mutually exclusive, adding that the proposal shows both goals can be pursued at the same time.
The remarks came after Senate Republicans released an updated version of the CLARITY Act following a briefing call with industry participants. According to the previously reported draft language, the bill would bar the president, vice president, members of Congress, federal judges, and their spouses from receiving compensation through the issuance or sponsorship of digital assets while in office. Those provisions would remain in effect through Jan. 20, 2029. The draft also says covered officials would need to sell crypto assets and investments in crypto companies, or place them into a blind trust beyond their control. Sales of crypto assets above $1,000 would be subject to disclosure.
U.S. Senator Cynthia Lummis said she will continue pushing in the coming days for a bipartisan agreement on the revised CLARITY Act so the measure can ultimately become law.
In her statement, Lummis thanked Democratic colleagues for their important contributions to the latest draft of the bill. She said consumer protection and support for innovation do not conflict with each other, and that the draft shows both can be achieved at the same time.
Revised bill had already been released
Earlier reporting said Senate Republicans published a new version of the CLARITY Act after holding a briefing call with industry stakeholders.
Under the revised text, the bill would prohibit the president, vice president, members of Congress, federal judges, and their spouses from receiving compensation through issuing or sponsoring digital assets while they are in office. The relevant provisions would remain effective until Jan. 20, 2029.
The draft also would require covered officials to sell their crypto assets and investments in crypto companies, or place them in a blind trust that they do not control. Any sale of crypto assets above $1,000 would have to be disclosed.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
