CLARITY Act · US Senate · Republicans · Federal Reserve (FED) · Bitcoin.com News
What’s New in the Final CLARITY Act Ahead of the Senate Vote
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Senate Republicans have outlined what’s new in the final version of the CLARITY Act ahead of a Sept. 15 procedural vote.
Key facts
- U.S. Senators Cynthia Lummis (R-WY), John Boozman (R-AR) and Tim Scott (R-SC) released the final draft Sept. 14, turning proposed ethics restrictions into enforceable financial obligations
- The cloture motion on the motion to proceed to H.R. 3633 ripens Sept. 15 at 2:15 p.m
- The ethics provisions would take effect 360 days after enactment or 60 days after the final implementing rule, whichever occurs first
- The final revision also removes references to 18 U.S.C. 1960, the federal criminal statute governing unlicensed money-transmitting businesses
Summary
U.S. Senators Cynthia Lummis (R-WY), John Boozman (R-AR) and Tim Scott (R-SC) released the final draft Sept. 14, turning proposed ethics restrictions into enforceable financial obligations. State attorneys general could enforce the restrictions, including the ban on exchanges that list assets issued or sponsored in breach of those rules. The ethics provisions would take effect 360 days after enactment or 60 days after the final implementing rule, whichever occurs first. The final draft does not impose an immediate restriction on rewards offered to payment stablecoin holders.