Senate Republicans released an updated Clarity Act draft merging the banking and agriculture committee versions, adding an ethics provision limiting public officials’ involvement with crypto. However, Democrats said the text “falls short” on ethics, consumer protection, and illicit finance. The yield compromise allowing crypto firms to pay rewards on stablecoins in some instances remains in place, but banking trade groups said it “still puts at risk the local lending that drives economic activity.”
Over 200 crypto organizations urged Senate leaders to schedule a floor vote, but time is running out before the August recess and midterm elections.