There has reportedly been some movement on ethics provisions in the Clarity Act, the bill that aims to provide legal clarity for cryptocurrencies, but also has clauses relating to tokenization and stablecoins. A bipartisan ethics proposal was submitted to the White House by Republican Senator Thom Tillis and Ruben Gallego, according to Punchbowl News. Trump agreed to a previous ethics provision which displeased Democrats, with one of the most underreported reasons highlighted below.
Bankers have continued to complain about the stablecoin interest clause, and Punchbowl separately reported that a growing number of Republicans are siding with banks. In mid July Senator Tillis, who negotiated the clause, suggested a circuit breaker clause, allowing regulators to step in if there was significant migration of bank deposits to stablecoins.
The latest iteration of the Clarity Act also has some amendments related to the GENIUS Act for stablecoins, explored below.
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