Crypto: The CLARITY Act returns with Trump’s agreement on ethics

The CLARITY Act returns to the Senate with a compromise that Republicans hope will be decisive. Donald Trump has accepted new ethical restrictions targeting public officials involved in crypto, while the final text incorporates 126 changes requested by the Democrats. The bill now totals 635 pages. Cynthia Lummis, John Boozman, and Tim Scott presented it on Sunday, ahead of the procedural vote scheduled for Tuesday.

In brief

Crypto: Trump accepts new limits on elected officials’ interests

This was one of the main sticking points. In August, Cointribune still detailed the conflict around Donald Trump’s crypto interests and the Democrats’ requests to strengthen ethics rules. The new version goes further. Cynthia Lummis states that Trump voluntarily accepted the essence of the bipartisan Tillis-Gallego compromise. The restrictions concern the president, vice president, federal elected officials, judges, and their spouses.

The text especially prohibits certain covered persons from issuing or sponsoring digital assets or holding significant financial interests in these activities. When holdings exceed predetermined thresholds, they must be divested or placed in a qualified blind trust.