🚨 Updated CLARITY Act Released
Senate Republicans have unveiled a revised 616-page draft of the CLARITY Act, marking one of the most significant crypto legislation proposals to date.
Key highlights:
🔹 Senior government officials, including the President, Vice President, members of Congress, federal judges, and their spouses, would be prohibited from issuing or promoting cryptocurrencies for compensation through January 2029. Holdings above the proposed threshold would need to be sold or placed into a blind trust.
🔹 Non-custodial software developers would not automatically be classified as money transmitters, while the right to self-custody digital assets would receive stronger legal protection.
🔹 In future bankruptcies, customer-owned crypto assets would remain the property of customers instead of becoming part of the bankruptcy estate.
🔹 Stablecoin issuers would not be allowed to pay passive interest on idle balances, though activity-based rewards could still be permitted.
The biggest challenge remains political. The current draft has not secured Democratic support, with several senators arguing it does not go far enough on ethics and consumer protection.
With only a short legislative window before the August recess and the bill set to expire if not passed by January 3, 2027, timing may prove to be the biggest obstacle.
Meanwhile, Bitcoin has remained relatively stable around $66K, suggesting that, for now, the legislative calendar is drawing more attention than the market reaction itself.
#eth #sol #super #SuperMicroRisesNearly20% #BitcoinDominanceRisesTo59%
Senate Republicans have unveiled a revised 616-page draft of the CLARITY Act, marking one of the most significant crypto legislation proposals to date.
Key highlights:
🔹 Senior government officials, including the President, Vice President, members of Congress, federal judges, and their spouses, would be prohibited from issuing or promoting cryptocurrencies for compensation through January 2029. Holdings above the proposed threshold would need to be sold or placed into a blind trust.
🔹 Non-custodial software developers would not automatically be classified as money transmitters, while the right to self-custody digital assets would receive stronger legal protection.
🔹 In future bankruptcies, customer-owned crypto assets would remain the property of customers instead of becoming part of the bankruptcy estate.
🔹 Stablecoin issuers would not be allowed to pay passive interest on idle balances, though activity-based rewards could still be permitted.
The biggest challenge remains political. The current draft has not secured Democratic support, with several senators arguing it does not go far enough on ethics and consumer protection.
With only a short legislative window before the August recess and the bill set to expire if not passed by January 3, 2027, timing may prove to be the biggest obstacle.
Meanwhile, Bitcoin has remained relatively stable around $66K, suggesting that, for now, the legislative calendar is drawing more attention than the market reaction itself.
#eth #sol #super #SuperMicroRisesNearly20% #BitcoinDominanceRisesTo59%