New CLARITY Act update bans officials including presidents from issuing or even holding crypto tokens

On July 22, US Senate Republicans released an updated version of the CLARITY Act, moving one of Washington’s most consequential cryptocurrency bills back toward a potential floor vote.

The updated text follows weeks of negotiations and seeks to establish a broad federal market-structure framework for digital assets in the United States.

The proposal addresses several disputes that have complicated its path through Congress, including ethics restrictions on federal officials, stablecoin rewards and the regulatory treatment of crypto developers and intermediaries.

Speaking on the legislation, Senator Cynthia Lummis said:

“I want to thank my Democratic colleagues for their important contributions to this draft, and express my commitment to reaching a deal in the coming days that will allow this legislation to become law. Consumer protection and pro-innovation policy aren't opposites — this bill proves it.”

Asset management firm Grayscale also stated that the bill would unlock the next wave of adoption for the emerging industry.

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