Republican Senators Unveil New Version of the CLARITY Act

On September 14, Republican senators in the United States unveiled a new version of the CLARITY Act, incorporating a revised ethical proposal agreed upon by Trump and adjusting contents related to the Blockchain Regulatory Certainty Act (BRCA), stablecoin earnings, and the "Ag Clause." The Republicans described this as the "last, best, and final" proposal presented to the Democrats before a procedural vote on Tuesday. Regarding BRCA, the new text narrows the scope of relevant provisions to the Bank Secrecy Act and civil enforcement, removing language that would extend protections to criminal cases. In terms of ethical provisions, Trump agreed to about 80% of the Tillis-Gallego proposal, which includes requirements for relevant individuals to sell "substantial" crypto-related financial interests or place them in blind trusts, and allows state attorneys general to participate in the enforcement of ethical provisions. For stablecoin earnings, the new text introduces a "circuit breaker" mechanism proposed by Senator Tillis, which allows federal regulators to intervene if there are signs of large-scale deposits from community banks flowing into stablecoins, with Treasury Secretary Basant responsible for related determinations. Regarding the "Ag Clause," the new text further strengthens restrictions on vertical integration, involving related transactions and conflicts of interest among digital commodity trading platforms, brokers, and dealers, while clarifying the applicability of state consumer protection laws and stipulating that developer protections do not constitute exemptions under derivatives law.

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