U.S. President Donald Trump has accepted roughly 80% of a crypto ethics proposal put forward by Senators Thom Tillis and Ruben Gallego, according to BlockBeats. The move removes part of the resistance facing the CLARITY Act in the Senate ahead of a key procedural vote set for Sept. 15. Under the updated proposal, state attorneys general would receive certain enforcement powers, including the ability to sue crypto trading platforms that list digital assets banned under the bill. The latest text also requires people with a "significant" financial interest in crypto issuers to divest those holdings or place them into a blind trust. Earlier criticism from Democratic lawmakers and some Republicans centered on the original bill's narrower restrictions, which only barred federally elected officials, their spouses, and federal judges from issuing digital assets. Those critics argued the prior version did not adequately address crypto-related conflicts of interest involving Trump and his family. Senate Republicans have now released the final updated text of the CLARITY Act.
U.S. President Donald Trump has accepted roughly 80% of a crypto ethics proposal introduced by Senators Thom Tillis and Ruben Gallego, BlockBeats reported on Sept. 14, easing part of the path for the CLARITY Act in the Senate.
The latest version would give state attorneys general certain enforcement authority. It would also require people who hold a "significant" economic interest in a cryptocurrency issuer to divest those assets or place them in a blind trust.
Under the proposal, state attorneys general would be able to sue crypto trading platforms that list digital assets prohibited by the bill.
Democratic lawmakers and some Republicans had previously argued that the original version of the legislation did not go far enough. That earlier draft only barred federally elected officials, their spouses, and federal judges from issuing digital assets, which critics said failed to adequately address crypto conflicts of interest involving Trump and his family.
Senate Republicans have now released the updated final text of the CLARITY Act. The bill is set for a key procedural vote on Sept. 15.
BlockBeats said Trump's concession is being viewed as an important step toward winning bipartisan support and advancing the crypto market structure bill.
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