A revised version of the CLARITY Act now includes language that would bar the U.S. president and other federal government officials from issuing or promoting cryptocurrencies and other digital assets. Republican senators updated the bill text on Wednesday, according to the report. The measure is widely described as a major legislative effort and as the first comprehensive U.S. bill aimed at regulating the digital asset market. The newly added provision is the first to address limits on the president and other federal officials profiting from crypto-related activity. Details on how the restriction would be implemented, as well as the exact scope of who would be covered, have not yet been disclosed. CNBC was cited as the source of the report.
A new provision added to the CLARITY Act, now under review in the U.S. Senate, would prohibit the president and other federal government officials from issuing or promoting cryptocurrencies and other digital assets.
Republican senators updated the bill text on Wednesday, according to the report. The CLARITY Act is viewed as a major piece of legislation and as the first comprehensive U.S. effort to regulate the digital asset market.
The revision is the first to address restrictions on the president and other federal officials profiting through crypto assets. The specific implementation details and the scope of the provision have not been disclosed.
CNBC was cited as the source.
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