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U.S. Senate Republicans released a revised 635-page draft of the CLARITY Act on Sunday, 48 hours before a key procedural vote on Tuesday. The legislation introduces unprecedented ethics provisions that require federal officials to either divest their digital asset portfolios or transfer them to blind trusts.
President Trump has agreed to these moral constraints, the first time in U.S. history that a current head of state has accepted such restrictions. Officials who violate these ethical standards face a civil fine of $500,000 or 20% of the transaction value, whichever is greater.
Forecast markets showed that the probability of passage of the CLARITY Act climbed to 35% on Monday, the highest level since late July.
In-depth analysis of the Ethics Clause
The updated ethics framework will give state attorneys general the power to enforce bans on federal officials issuing, endorsing, or holding significant financial interests in digital assets. Officials subject to this requirement must sell assets they hold or transfer them to qualified blind trusts.
Financial penalties for non-compliance will reach US$500,000 or 20% of the value of the prohibited transaction, whichever is greater. These requirements take effect 360 days after the bill is enacted, or sooner if the implementation of regulatory requirements is completed earlier.
President Trump voluntarily accepted these moral restrictions, which Senator Loomis called the strictest restrictions imposed on an incumbent president in U.S. history. Democratic lawmakers expressed doubts about this and believed that there were loopholes that could be exploited in these restrictions.
stablecoin regulation and developer protection
Regarding stablecoins, the legislation would authorize the Treasury Secretary to limit incentive programs if there is evidence of a large outflow of deposits from community banks. This regulatory power will expire 18 months after the bill is enacted.
An updated version of the Blockchain Regulatory Definiteness Act (BRCA) embedded in the plan will exempt developers from classification as money transmitters under the Bank Secrecy Act. These protections have been expanded to include miners and validators, groups that were not previously protected.
Other provisions strengthen supervision of related transactions and resolve potential conflicts of interest issues on digital commodity trading platforms.
Outlook for the Way Forward
The vote scheduled on Tuesday represented a procedural obstacle rather than final passage. The legislation requires 60 votes in favor to move forward, and several Republican senators expressed reservations about the stablecoin gains.
If the vote fails or is postponed, the bill can still be subject to additional negotiations before the Senate adjourns for November elections. After the recess, lawmakers will reconvene for a lame-duck session, and the time frame for legislative action will be significantly reduced.
Coinbase CEO Brian Armstrong said both scenarios are feasible, observing that if legislation stalls, regulators will enact rules to implement the new framework. The chairman of the Securities and Exchange Commission maintains that regulatory action alone cannot replace comprehensive legislation.
