BlockBeats News, July 23rd – Crypto journalist Eleanor Terrett reported that after a briefing call with industry stakeholders, Republican senators in the United States Senate introduced a new version of the CLARITY Act. The ethical framework was formulated through negotiations between the White House and Republican senators Cynthia Lummis and Bernie Moreno, without Democratic support.

The new text proposes to prohibit 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 tenure. The relevant provisions are set to expire on January 20, 2029. Restricted officials must also divest from cryptocurrency assets and investments in crypto companies, or place them in a blind trust beyond their control; disclosure is required for crypto asset sales exceeding $1,000.

The U.S. Department of Justice will be granted civil enforcement authority for ethical violations, including prosecuting willful violators and taking action against exchanges hosting banned tokens. However, the Democratic Party opposes the DOJ having sole enforcement authority without empowering state attorneys general, and these provisions may still be subject to adjustment in the coming days.

The new version of the bill retains aspects of the BRCA and the Keep Your Coins Act, clarifying that non-custodial software developers and blockchain infrastructure providers will not be deemed money transmitters solely for maintaining decentralized networks, thereby preserving individuals' rights to self-custody of crypto assets. The provisions on stablecoin yields also remain unchanged, prohibiting interest payments on idle payment-type stablecoin balances but allowing rewards linked to actual activities such as trading or staking.