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\n

Senate Republicans on Wednesday circulated new text<\/a> of a landmark cryptocurrency bill, unveiling changes to the so-called Clarity Act ahead of a potential floor vote next week.<\/p>\n

The new language, which needs bipartisan support to pass the Senate, does not currently have sign-off from any Democrats. The bill would overhaul a wide range of federal financial regulations to incorporate crypto trading.<\/p>\n

The 616-page draft includes a White House-approved ethics provision that would put in place new rules related to how federal officials can engage with digital assets. Democrats have long demanded that the crypto bill include an ethics provision to address concerns about the Trump family\u2019s lucrative crypto businesses. But they have already signaled that the provision Republicans have agreed to may not go far enough to win their support.<\/p>\n

The ethics language stems from an agreement between GOP senators and the White House, and it does not currently have support from any Democrats.<\/p>\n

The ethics language would be enforceable by the Department of Justice \u2014 a major sticking point for Democrats, who say the DOJ under Trump can\u2019t be trusted. They have pushed for state attorneys general to have a role in enforcing ethics language in the bill.<\/p>\n

The draft ethics language says that the attorney general \u201cshall bring a civil action in an appropriate district court of the United States against\u201d a government official who \u201cknowingly and willfully violates\u201d the requirements in the provision or \u201ca digital asset intermediary that knowingly and willingly violates\u201d them. The draft language specifically stipulates that \u201cno action, public or private, may be brought under this section by any State attorney general or any person other than the Attorney General.\u201d<\/p>\n

Sen. Angela Alsobrooks<\/a> (D-Md.), who voted for the crypto bill in committee but has cautioned that her support is conditional on further changes being made on ethics and other issues, said this week that any enforcement language empowering only the DOJ is \u201can unserious offer.\u201d<\/p>\n

\u201cI wouldn’t support the bill if that’s the language,\u201d she said in a statement Tuesday. \u201cBut we’ll keep working from that floor to reach an agreement that holds us all accountable.\u201d<\/p>\n

The ethics proposal stipulates that federal officials \u201cshall not, in exchange for consideration,\u201d \u201cissue a digital asset\u201d or \u201csponsor a digital asset\u201d while serving as a public employee.<\/p>\n

The prohibitions would apply to public officials or employees and their spouses and would sunset in 2029. The language bars crypto companies from listing assets that are \u201cissued\u201d or \u201csponsored\u201d by federal officials in violation of the provision.<\/p>\n

Timing: <\/b>Senate Majority Leader John Thune<\/a> said Wednesday that he hopes to put a landmark cryptocurrency bill on the floor next week, signaling he intends to put it up for a vote whether it has the bipartisan support necessary to pass or not.<\/p>\n

Asked if he is close to teeing up the bill for consideration next week, Thune said: \u201cHopefully.\u201d<\/p>\n

“Once the text is out, we’ll have to figure out what the traffic will bear, what changes have to be incorporated in order to 60 on the floor,\u201d he said.<\/p>\n

Jordain Carney contributed to this report.<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Senate Republicans on Wednesday circulated new text of a landmark cryptocurrency bill, unveiling changes to the so-called Clarity Act ahead of a potential floor vote next week. The new language, which needs bipartisan support to pass the Senate, does not currently have sign-off from any Democrats. The bill would overhaul a wide range of federal […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-26312","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/26312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=26312"}],"version-history":[{"count":0,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/26312\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=26312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=26312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=26312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}