Senate unveils new CLARITY Act draft: ethics rules, anti-CBDC provision dropped
- —Officials and their spouses will be barred from receiving payments for issuing digital assets, with fines from $500,000 or 20% of the amount
- —Exchanges will be prohibited from listing assets issued in violation of the new ethics rules
- —The Treasury will be able to temporarily restrict stablecoin rewards for 18 months after the law's passage
- —Developers, miners, and validators who do not control client funds will not be considered money transmitters
Why it matters: The document defines the division of powers between the SEC and CFTC and sets rules for stablecoins and exchanges, affecting the entire US market.
Source: AMBCrypto