Republicans in the U.S. Senate have introduced a 616-page version of the CLARITY Act, calling it the first significant legislative effort to establish federal regulations for the digital asset market in the country. The document maintains protections for developers and restricts the issuance of crypto assets by officials and their spouses.
Democrats have opposed the current draft, demanding stronger provisions regarding conflicts of interest, consumer protection, and illegal financing. The American Bankers Association, Bank Policy Institute, and Independent Community Bankers of America also criticized the proposal, pointing out its weak restrictions on stablecoin rewards.