Senate Republicans Release Revised Clarity Act Text, Calling It Their “Final Offer” to...

Senate Republicans Release Revised Clarity Act Text, Calling It Their “Final Offer” to DemocratsSenate Republicans have released revised text of the Clarity Act, which they describe as their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote, according to Eleanor Terrett.The changes include:• Narrower protections under the Blockchain Regulatory Certainty Act, limited to the Bank Secrecy Act and civil enforcement• Ethics provisions requiring the divestment of substantial crypto-related interests or placement in a blind trust• A “circuit breaker” for stablecoin yield if deposits move significantly from community banks into stablecoins• Tighter guardrails on vertical integration, affiliate trading and conflicts of interest involving digital commodity marketsThe revised text also clarifies that state consumer protection laws remain applicable and that developer protections do not exempt activities from derivatives laws or affect prediction markets.

Source: Wu Blockchain