The U.S. Senate Releases the Latest Version of the “Clarity Act,” Including Detailed Provisions on Developer Protection and Ethical Rules

On Wednesday, Republican senators in the U.S. Senate released the latest text of the 616-page “Clarity Act.” The bill combines versions from the Senate Committee on Agriculture and the Senate Committee on Banking and may be submitted for a full Senate vote as early as next week.

Key elements of the bill include prohibiting the President, Vice President, members of Congress, and other federal officials—and their spouses—from issuing or sponsoring digital assets, while still allowing them to invest. Enforcement of this provision would be handled by the Department of Justice.

It is understood that this ethics-rules provision is also accompanied by a “sunset clause,” which states that the effective period will expire at noon on January 20, 2029.

However, Wyoming Senator Cynthia Lummis has questioned the Department of Justice’s enforcement of the provision, stressing that it reflects only standards of self-restraint by President Trump, rather than requirements imposed by Congress.

Democratic Senator Angela Alsobrooks also opposed it, saying that state attorneys general should be involved in enforcement as well; otherwise, the provision “is not serious,” and she said she would not support the bill if the current text remains as written.

At the same time, the bill also incorporates the “Blockchain Regulatory Certainty Act,” providing safe-harbor protection for non-custodial developers and clarifying that they do not fall within the category of money transmitters.

Although the crypto industry broadly supports the provision—saying it offers urgently needed legal certainty and helps prevent innovative technologies from moving offshore—some enforcement agencies have warned that it may weaken the ability to crack down on illegal activities such as human trafficking.

Overall, as Congress is set to enter the summer recess period and the midterm election season approaches, the legislative window is tightening. Whether the bill can ultimately be reviewed and passed through votes of both chambers before the Senate recesses on August 7 remains fraught with uncertainty.

#Clarity法案 # Developer protection #Ethics provisions