🚨🔥⚡: Senate Republicans released revised CLARITY Act text on Sunday, calling it their "last, best and final" offer to Democrats ahead of a cloture vote scheduled for Tuesday. $DEBIT $REZ
Key points:
Sen. Cynthia Lummis, alongside Chairs John Boozman and Tim Scott, released a 635-page proposal that reflects a year of bipartisan negotiations and 126 changes made at Democrats' request.
The main sticking point had been ethics rules on officials' crypto holdings. Lummis said Trump agreed to new ethics restrictions on federally elected officials, judges, and their spouses.
Under the revised text, state attorneys general could enforce bans on federal officials issuing or holding significant crypto interests, and covered individuals would have to divest such interests or place them in a blind trust, with violations carrying civil penalties of $500,000 or 20% of proceeds.
It also tightens stablecoin yield rules with circuit breakers, and tightens vertical integration and affiliate trading guardrails, while keeping state consumer protection laws applicable.
Democrats had previously said the bill fell short on ethics, illicit finance, and market integrity provisions. Whether this "final offer" is enough to win the ~7 Democratic votes needed to clear the 60-vote threshold remains to be seen — the cloture vote is set for Tuesday afternoon.
Key points:
Sen. Cynthia Lummis, alongside Chairs John Boozman and Tim Scott, released a 635-page proposal that reflects a year of bipartisan negotiations and 126 changes made at Democrats' request.
The main sticking point had been ethics rules on officials' crypto holdings. Lummis said Trump agreed to new ethics restrictions on federally elected officials, judges, and their spouses.
Under the revised text, state attorneys general could enforce bans on federal officials issuing or holding significant crypto interests, and covered individuals would have to divest such interests or place them in a blind trust, with violations carrying civil penalties of $500,000 or 20% of proceeds.
It also tightens stablecoin yield rules with circuit breakers, and tightens vertical integration and affiliate trading guardrails, while keeping state consumer protection laws applicable.
Democrats had previously said the bill fell short on ethics, illicit finance, and market integrity provisions. Whether this "final offer" is enough to win the ~7 Democratic votes needed to clear the 60-vote threshold remains to be seen — the cloture vote is set for Tuesday afternoon.
