Republicans in the US Senate have published a new version of the Digital Asset Market Clarity (CLARITY) Act. The 616-page document contains strict ethics rules that bar federal officials from issuing or promoting digital assets.
The restrictions will also apply to the spouses of government employees. In addition, crypto platforms will be prohibited from listing tokens issued or backed by federal officials.
Senator Cynthia Lummis, one of the initiative's main backers, said the new rules also apply to Donald Trump.
Democrats push for tougher rules: the bill needs 60 votes
Enforcement of the new requirements is expected to be assigned to the US Department of Justice. However, this approach has already drawn criticism. Senator Angela Alsobrooks said she would not support the bill in its current form if that agency were responsible for enforcing the rules. In her view, the document needs to be reworked to ensure equal accountability for everyone.
The CLARITY Act must now win the support of at least 60 senators. To achieve this, Republicans will need to secure the votes of several Democrats. Many members of the Democratic Party had previously said they would not support the law without strict anti-corruption provisions covering the president's cryptocurrency activities.
Notably, the restrictions do not extend to the children of federal officials. Meanwhile, Donald Trump's sons are involved in the family's crypto business: they are co-founders of the World Liberty Financial project, and two of them have also launched the mining company American Bitcoin.
Cynthia Lummis stressed that the law sets uniform rules for all government officials, including the president, and also provides real mechanisms for oversight and penalties for violations.
