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      U.S. Senate Prepares for Cloture Vote on Revised CLARITY Act

      The U.S. Senate is set to hold a cloture vote on the revised CLARITY Act, which includes 126 amendments aimed at garnering bipartisan support. The final draft, released by Senate Republicans, is a response to concerns raised by Democratic senators and includes significant changes to ethics provisions, particularly those related to cryptocurrency transactions by public officials. Former President Donald Trump has reportedly agreed to most of these ethics provisions, which restrict covered officials from engaging in digital asset transactions for compensation.

      The proposed legislation, which spans 635 pages, requires 60 votes to advance. With 53 Republican senators, the bill needs support from at least seven Democrats to pass the cloture vote. However, the absence of Senate Minority Leader Mitch McConnell complicates the math, as it reduces the Republican count to 52, necessitating a more substantial Democratic backing. The bill's proponents are optimistic that the recent revisions will facilitate the necessary consensus among lawmakers.

      Key updates in the draft include provisions that protect developers of decentralized finance (DeFi) applications from being classified as money transmitters, as well as maintaining protections for self-custody of digital assets. Additionally, the bill introduces a mechanism for the U.S. Treasury to intervene if stablecoin rewards significantly impact deposits at smaller community banks. These changes reflect ongoing negotiations aimed at establishing clearer regulatory frameworks for the cryptocurrency industry.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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