According to BlockBeats, on July 23, U.S. Senator Cynthia Lummis posted a message thanking her Democratic colleagues for their significant contributions to the draft of the new CLARITY Act and pledging to continue pushing for an agreement in the coming days so that the bill can ultimately become law. She stated that consumer protection and support for innovation are not contradictory, and this draft bill proves that both can be achieved simultaneously.

As previously reported, U.S. Senate Republicans released a revised version of the CLARITY Act after a briefing conference call with industry stakeholders. The revised text proposes to prohibit the president, vice president, members of Congress, federal judges, and their spouses from receiving compensation during their term of office through the issuance or sponsorship of digital assets. The provisions will be in effect until January 20, 2029. Subject to this restriction, officials must also sell crypto assets and crypto business investments, or place them in blind trusts beyond their control; sales of crypto assets exceeding $1,000 must be disclosed.

According to BlockBeats, on July 23, crypto journalist Eleanor Terrett reported that Senate Republicans released a new version of the CLARITY Act after a briefing conference call with industry stakeholders. The ethical provisions within the bill were developed in consultation between the White House and Republican Senators Cynthia Lummis and Bernie Moreno, and have not yet received Democratic support.

The revised 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 while in office. These provisions will be in effect until January 20, 2029. Subject officials will also be required to sell crypto assets and crypto business investments, or place them in blind trusts beyond their control; sales of crypto assets exceeding $1,000 must be disclosed.

The U.S. Department of Justice will gain civil enforcement powers over ethical violations, including prosecuting exchanges that knowingly violate regulations or list banned tokens. However, Democrats oppose the Department of Justice having sole enforcement authority and not granting state attorneys general powers, and the terms may still be adjusted in the coming days.

The revised bill retains the BRCA and the Keep Your Coins Act, clarifying that non-custodial software developers and blockchain infrastructure providers will not be considered remittance institutions solely for maintaining decentralized networks, and protecting individuals' right to self-custody their crypto assets. Stablecoin yield terms also remain unchanged, prohibiting the payment of interest on idle payment-type stablecoin balances, but allowing rewards linked to actual activities such as trading or staking.

The revised text also adds a chapter on cryptocurrency crime enforcement, increases funding support for state and local investigations, and requires stablecoin issuers to freeze, seize, destroy, or reissue tokens in accordance with the law. The bankruptcy provisions clarify that in the event of bankruptcy of a trading platform or custodian institution, customers' digital assets remain the property of the customers and should not be included in the company's bankruptcy estate.

According to a CNBC report on July 23, BlockBeats reported that a new version of the CLARITY Act, currently under consideration by the U.S. Senate, proposes to prohibit the president and other federal officials from issuing or sponsoring cryptocurrencies and other digital assets.

Republican lawmakers updated the text of the bill on Wednesday, adding for the first time a provision restricting the president from profiting from crypto assets; this provision will apply to the president and other federal officials.

The CLARITY Act aims to be the first major piece of legislation in the United States to comprehensively regulate the digital asset market, and it is currently under consideration in the Senate.