New Clarity Act emerges that's a start on the final draft, makes ethics rule temporary

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But even as the crypto industry was shown details of the bill that will clock in at hundreds of pages, Democratic lawmakers hadn't yet seen the draft, the text of which was posted at Punchbowl News . The Senate is expected to need at least 10 Democrats to approve the final bill before it can become law, because of the chamber's requirement for 60 yes votes on most legislation, and many of them already didn't like what they were hearing on the ethics section. The overall bill text is reflective of work in two relevant Senate committees — Banking and Agriculture — plus the addition of a lot of new language meant to ensure the safety of digital assets users and investors. Majority Leader John Thune, the Republican in charge of the Senate's agenda, intends to move forward with floor action in the coming days before summer recess, his office told CoinDesk on Wednesday, and the latest version includes dozens of pages of extra material meant to please Democrats. One thing that may land as a significant relief for the decentralized finance (DeFi) corner of the industry is that the section known as the Blockchain Regulatory Certainty Act remains intact, meaning developers that don't control users' assets won't be treated under the regulatory regime as "money transmitters," with all the compliance burdens that would come with that. The draft also includes new language on federal preemption, provisional registration procedures and commodity pool operators — all still being furiously studied by the experts.

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A draft of the new Clarity Act regarding cryptocurrency regulation has been released in the US Congress, and discussions have begun on temporarily applying ethical standards. This bill is evaluated as the first step toward increasing institutional clarity in the digital asset market. Investors are watching closely to see if regulatory risks will ease during the upcoming legislative process.

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