The newest Clarity draft includes ethics provisions and increased law enforcement capabilities. Democrats remain unfazed.

This afternoon, Senate Republicans published a new draft for the Clarity Act. The Bill contains an entire new section on law enforcement capabilities, such as the increased funding of blockchain surveillance technologies, as well as the long awaited ethics clause banning acting officials from holding cryptocurrency. 

As the industry celebrates another stepping stone for the bill, raising odds for its passing before August over 50% on your favorite prediction platforms, democrats reportedly continue to remain skeptical.

A House Financial Services subcommittee hearing held last Friday is emblematic of the Democrat’s interest in the administration’s pet-cryptocurrency regulation. 

Officially titled “Building the Future of Finance: How the Clarity Act Unlocks Innovation,” the hearing was held by the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. 

The hearing was held to prepare the House for a potential vote on the Clarity Act should it pass the Senate floor. Written statements from witnesses would be appended. Members had five legislative days to submit follow-up questions, due by August 21st.

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