BlockBeats News, July 23, U.S. Senator Cynthia Lummis expressed her gratitude to her Democratic colleagues for their significant contributions to the new version of the "CLARITY Act" draft. She pledged to continue working towards an agreement in the coming days to ensure that the bill ultimately becomes law. Consumer protection and supporting innovation are not contradictory, and this draft legislation proves that both can be achieved simultaneously.

Previously reported, after a briefing call with industry stakeholders, Republican members of the U.S. Senate released a new version of the "CLARITY Act." The new text proposes to prohibit officials such as the President, Vice President, Members of Congress, Federal Judges, and their spouses from receiving compensation through the issuance or sponsorship of digital assets during their term. The relevant provisions are effective until January 20, 2029. Restricted officials must also divest from their cryptocurrency assets and investments in cryptocurrency companies or place them in a blind trust over which they have no control; disclosure is required for cryptocurrency asset sales exceeding $1000.