Senator Cynthia Lummis stated that President Donald Trump agreed to strict ethics restrictions to facilitate the passage of the Clarity Act. These new rules allow state attorneys general to sue federal officials for conflicts of interest. Lummis noted that these provisions apply to the President, the Vice President, elected officials, judges, and their spouses.
The updated draft of the Clarity Act, released by Lummis alongside senators John Boozman and Tim Scott, includes enhanced enforcement powers for state attorneys. The bill aims to establish a clear regulatory framework for digital assets, categorizing them as securities, commodities, or stablecoins. A vote on the legislation is scheduled for Tuesday.
The Clarity Act previously passed the House of Representatives last year but faced delays in the Senate. Disagreements between the banking lobby and crypto companies regarding stablecoin yield payments stalled the progress of the bill. Lummis urged Democrats to support the current proposal to avoid losing industry competitiveness to foreign markets.
