The U.S. Senate releases the latest version of the Clarity Act: includes developer protection provisions, and the code of ethics rules remain effective until 2029

PANews July 23 news: According to The Block, Senate Republicans have released the latest version of the Clarity Act (616 pages), with the expectation that it will be submitted for a full Senate vote as soon as next week. The new text addresses the core controversy that has persisted for months—restricting the president, vice president, members of Congress, and other federal officials from profiting from digital assets during their terms. The moral clause prohibits officials and their spouses from issuing or sponsoring digital assets (though they may still invest). Enforcement would be handled by the Department of Justice, an arrangement that is expected to face opposition from Democrats—Senator Angela Alsobrooks previously called it an “irresponsible proposal” that the DOJ would enforce the moral clause. The moral standards clause also includes a sunset provision, stating that the clause expires at noon on January 20, 2029. Senator Cynthia Lummis said, “This is the standard that President Trump voluntarily follows, not one imposed by Congress.”

In the bill, the “Blockchain Regulatory Certainty Act” provides a safe harbor for custodial developers, clarifying that they do not fall under the definition of “money movers.” It has received broad support from the crypto industry, but law enforcement agencies and Catholic leaders have warned that it may weaken efforts to combat human trafficking and investigative capacity. The bill also adds 25 provisions to respond to law enforcement demands. The outlet previously noted in another report that the crypto industry broadly welcomed the latest text of the bill, but Democrats quickly opposed it on the grounds that the moral clause’s strength is insufficient—because the clause involves Trump’s crypto holdings, raising doubts about the bill’s prospects in the Senate.