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🇺🇸 White House Makes Major Concessions to Save the CLARITY Act!
Ahead of Tuesday's critical vote, Senate Republicans have released a revised version of the CLARITY Act — considered the most significant piece of crypto regulation legislation in U.S. history. Over the weekend, Republican senators unveiled what they're calling the "final" text, in which President Trump agreed to new ethics restrictions he had long resisted.
📌 Key Changes:
1️⃣ Tougher Ethics Rules: Elected officials, their spouses, and federal judges must now either divest significant financial interests in crypto-issuing entities or place them in a blind trust. The earlier version only barred elected officials and their spouses from issuing digital assets themselves.
2️⃣ State-Level Enforcement: State attorneys general can now enforce the law alongside the Department of Justice, with power to sue crypto exchanges that list digital assets barred under the bill.
3️⃣ Stablecoin Protections: Banks pushed for changes to stop interest-like payments on stablecoins, warning such payments could cause customers to pull deposits out of traditional banks into higher-yield crypto accounts.
4️⃣ Impact on Trump's Holdings: The new provisions carry steep penalties that could affect Trump's reported $1.2 billion in crypto earnings — a major sticking point in negotiations.
⚖️ Where the Vote Stands:
On Tuesday, the Senate holds a procedural vote to advance H.R. 3633, needing 60 votes to move forward. Republicans hold 53 seats; at least two members — Josh Hawley (Missouri) and Rand Paul (Kentucky) — are expected to vote against.
This is not the final passage vote — it's a procedural step to keep the bill alive. Further amendments and votes will follow before final passage.
🚀 If passed, this legislation would finally give the U.S. crypto industry a clear regulatory framework, splitting oversight between the SEC and CFTC.