Senate Updates Clarity Act with New Provisions Restricting Presidential Crypto Profits

The US Senate has updated the CLARITY Act, a bill aimed at regulating the cryptocurrency market, to include new provisions limiting the ability of presidents and federal officials to profit from digital assets.

According to updated draft legislation obtained by CNBC, US presidents, federal officials, and certain public officials will not be able to issue cryptocurrencies or other digital assets, sponsor such projects, or directly profit from them.

The CLARITY Act seeks to comprehensively regulate the digital asset market and determine which institutions will oversee it. The newly added ethical provisions aim to prevent public officials from using their positions to personally profit from cryptocurrency or digital asset projects.

This move is significant, as it would impose restrictions on US presidents and other federal officials serving in office. They would be prohibited from issuing cryptocurrencies in their own names, sponsoring a digital asset project, or directly profiting from such ventures.