Senate Republicans released revised Clarity Act text with major concessions to lock down votes before Tuesday's cloture deadline. GOP leadership is calling it their "last, best and final" offer to Democrats.
Key changes:
Blockchain Regulatory Certainty Act (BRCA) narrowed to Bank Secrecy Act and civil enforcement only. Criminal prosecution protections, including Section 1960 cases, stripped out.
Ethics compromise: Trump agreed to divest or place "substantial" crypto holdings in blind trust. State attorneys general can now enforce ethics provisions—a White House red line that's been crossed.
Stablecoin yield backstop: New "circuit breaker" gives Treasury Secretary Scott Bessent power to intervene if community banks face mass deposit flight to stablecoins.
Commodity exchange rules tightened: Stricter limits on vertical integration, affiliate trading, and conflicts of interest. State consumer protection laws still apply. Developer protections don't exempt derivatives laws or prediction markets.
Vote coming Tuesday.
Key changes:
Blockchain Regulatory Certainty Act (BRCA) narrowed to Bank Secrecy Act and civil enforcement only. Criminal prosecution protections, including Section 1960 cases, stripped out.
Ethics compromise: Trump agreed to divest or place "substantial" crypto holdings in blind trust. State attorneys general can now enforce ethics provisions—a White House red line that's been crossed.
Stablecoin yield backstop: New "circuit breaker" gives Treasury Secretary Scott Bessent power to intervene if community banks face mass deposit flight to stablecoins.
Commodity exchange rules tightened: Stricter limits on vertical integration, affiliate trading, and conflicts of interest. State consumer protection laws still apply. Developer protections don't exempt derivatives laws or prediction markets.
Vote coming Tuesday.