Senate Republicans Revise Crypto Bill With New Ethics Rules

Senate Republicans on Monday unveiled a revised draft of major cryptocurrency legislation that incorporates new ethics provisions, according to a statement from Senators Cynthia Lummis, John Boozman and Tim Scott.

The updated text of the Clarity Act reflects conflict-of-interest rules proposed by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego. President Donald Trump approved the language, the senators said.

"President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history," Lummis said in the statement.

Beyond the ethics additions, the new draft introduces consumer safeguards on affiliate trading, clarifies how state consumer protection laws apply, and extends protections to software developers, the Republican senators said.

The crypto industry has spent hundreds of millions of dollars campaigning for the Clarity Act, arguing it would give crypto companies a solid legal footing. The Senate has scheduled a procedural vote on Tuesday that could determine the bill's fate.

Opposition remains. Democrats and some Republicans have previously warned that the legislation lacks sufficient safeguards and could destabilize the banking system. Ahead of the vote, both the crypto industry and the banking sector mounted a final lobbying push in senators' home states.