Breaking News》US Senate Republicans have rolled out a new version of the《Clarity Act》clarity bill—here are five key regulatory highlights at a glance

Major progress again in U.S. crypto regulatory legislation! According to the latest update posted by well-known journalist Eleanor Terrett on X, U.S. Senate Republicans have officially released the latest revised version of the Clarity Act (the crypto market structure bill). This draft covers five core areas, including strict ethics rules for public officials, establishing a blockchain developer exemption, regulating stablecoin yield, and specific provisions to strengthen bankruptcy protection and enforcement, aiming to build a clearer and safer regulatory framework for the U.S. crypto market.
(Background: Trump appears to be giving the “ethics provisions” the green light, and the crypto bill CLARITY Act is pushing to speed up a Senate vote.)
(Background details: The Clarity Act is stuck in the Senate! The ethics provisions are dragging, Trump’s White House meeting has not given any indication, and the recess countdown has triggered intense time pressure.)

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• Scrutinize conflicts of interest among officials and intensify the crackdown on crypto crime
• Protect self-custody rights and clearly define stablecoin yield boundaries
• Establish bankruptcy protection to separate customer assets from company property

As the U.S. midterm elections draw near and the influence of cryptocurrencies continues to grow day by day, establishing clear regulatory boundaries has become an urgent priority for Congress. On July 22, according to Taipei time, Fox Business reporter Eleanor Terrett disclosed that after briefing sessions with multiple stakeholders, the U.S. Senate Republicans officially released the latest revised version of the Clarity Act. This comprehensive bill, closely watched across the industry, aims to clarify the legality of digital assets and prevent systemic risks. Although some provisions still need intense cross-party negotiations with Democrats, the text released this time has clearly shown the GOP’s core bottom line on crypto policy.

The ethics package was negotiated between the White House and GOP senators @SenLummis and @berniemoreno, and does not have sign-off from Democrats:

📌 Bans the President, Vice President, Members of Congress, federal judges and other covered officials (and their spouses) from…

— Eleanor Terrett (@EleanorTerrett) July 22, 2026

Scrutinize conflicts of interest among officials and intensify the crackdown on crypto crime

In the new draft, the “ethics package” negotiated by the White House and Republican senators including Cynthia Lummis has become a major focus. The bill explicitly prohibits public officials such as the President, members of Congress, and federal judges from issuing or sponsoring digital assets for profit while in office (the ban includes a sunset clause through January 2029), and requires officials to either sell their crypto holdings or place them into a non-controllable blind trust.

In addition, the bill adds a dedicated chapter to strengthen enforcement. It includes funding to provide blockchain analytics tools for state and local governments, establishes a “cyber center” to specifically counter state-level hackers such as those from North Korea and Iran, and authorizes the Department of Justice (DOJ) to carry out civil enforcement against violating exchanges. However, because Democrats currently strongly oppose enforcement led solely by the DOJ (without including the role of state attorneys general), this part of the provisions is expected to face further negotiations and revised amendments in the coming days.

Protect self-custody rights and clearly define stablecoin yield boundaries

On the industry development and innovation front, the new draft fully preserves the core spirit of the Blockchain Regulatory Certainty Act (BRCA). It clearly states that non-custodial software developers and infrastructure providers will not be incorrectly classified as “money transmitters” merely because they build or maintain decentralized networks. At the same time, the Keep Your Coins Act is also fully incorporated, strongly defending individuals’ absolute right to self-custody crypto.

Regarding the stablecoin yield issue that the market is highly focused on, the bill adopts a compromise approach: it strictly prohibits companies from paying interest on users’ idle payment stablecoin balances, but allows incentive mechanisms linked to real activities—such as trading or staking—provided they are not equivalent to interest on traditional bank deposits.

Establish bankruptcy protection to separate customer assets from company property

After several high-profile exchange collapse incidents that shocked the market, the Clarity Act specifically sets strict and clear rules for bankruptcy protection. The new bill provides that when a crypto exchange or custodian faces bankruptcy, customers’ digital assets will receive the highest level of protection comparable to traditional financial assets.

These digital assets will be strictly recognized as “customer property,” and will never be included in the company’s bankruptcy estate for liquidation and distribution. This key safeguard is viewed as the most important line of defense to prevent the tragic recurrence of an FTX-style misuse of customer funds. It is expected to not only significantly enhance investor confidence, but also lay a legal foundation for the long-term healthy development of the crypto market.