CLARITY Act: New Restrictions for Crypto Business in the US

CLARITY Act: New Restrictions for Crypto Business in the US

On September 14, Senate Republicans introduced an updated draft of the CLARITY Act, which more strictly regulates the participation of government officials in the cryptocurrency industry. President Donald Trump has approved the proposed changes, as reported by Senators Cynthia Lummis, John Boozman, and Tim Scott.

Key Changes in the Bill

The final version of the document includes a ban on issuing and sponsoring digital assets for officials, requiring them to divest substantial financial interest in crypto business. Officials and their spouses must sell such assets or place them into a qualified blind trust.

Special attention is given to the role of state prosecutors in monitoring compliance with new ethical standards. They can initiate lawsuits if there are suspicions of violations and seek the enforcement of prohibitions through the courts.

Potential Impact on Stablecoins

Changes also affect stablecoins, digital assets pegged to stable values (e.g., the US dollar). The Treasury Department will need to draft rules in case of a significant outflow of deposits from local banks, addressing concerns about the stability of the banking sector.

Impact on Miners and Validators

Amendments to the Blockchain Regulatory Certainty Act remove some money transfer registration requirements for miners and validators, who were previously not covered by legislative protections. This could simplify their operations and reduce compliance costs.

Prospects for the Bill’s Adoption

On September 15, the Senate is set to vote on ending debates over the CLARITY Act. 60 votes are required for approval. Despite optimism from industry representatives like Summer Mersinger, confirmed support is yet to be seen. Furthermore, the process may be delayed in the House of Representatives due to a reduced work schedule, making it unlikely for the law to be passed in 2023.

Conclusion

The adoption of the CLARITY Act could have a significant impact on the US crypto industry. Discussions focus on:

• Strict restrictions for officials
• Potential impact on stablecoins and banks
• Eased conditions for miners and validators

However, despite efforts, passing the law by the end of the year remains uncertain.

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