Democratic Party Opposes New Version of Clarity Act Over Ethics Provisions, Bipartisan Support Remains Key

Odaily Planet Daily News: On Wednesday, the Republican Party in the US Senate released a 616-page new version of the "Clarity Act" crypto regulatory bill text, marking a key legislative development as Congress attempts to comprehensively regulate the digital asset industry. The crypto industry has broadly welcomed the draft, noting that it retains software developer protection provisions and promises to provide long-missing regulatory clarity for the US digital asset market.

Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "crucial" for the bill's passage. Miller Whitehouse-Levine, CEO of the Solana Policy Institute, urged Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework allowed bad actors like FTX to harm consumers and forced a large amount of crypto business overseas.

However, multiple Senate Democrats quickly expressed opposition, arguing that the ethics provisions in the new version regarding conflicts of interest with Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current Republican-proposed text is still "insufficient," and that provisions concerning elected official ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all need to be strengthened.