U.S. Senator Lummis: Ethical provisions and other elements of the crypto-related Clarity Act will be subject to further discussion.

On July 23, U.S. Senator Cynthia Lummis—one of the lead negotiators of the Digital Asset Market Clarity Act (commonly referred to as the Clarity Act)—stated that although the bill’s text has been released and is “finally a step closer” to formal enactment, several core provisions may still undergo revisions, including those related to ethical standards for government officials. In an interview with CoinDesk on Wednesday, Lummis noted that the Senate Judiciary Committee, Ethics Committee, and Select Committee on Intelligence all contributed to drafting the legislation. While describing the entire legislative process as “very difficult,” she emphasized that the bill is now ready to receive further feedback. She stated, “It’s time to show everyone the complete version of the bill that we will ultimately vote on and to hear feedback from the industry that will be regulated, as well as other stakeholders. I’m glad we’ve finally reached this point.” Earlier that day, Lummis released the latest version of the Clarity Act, consolidating previously separate bills passed by the Senate Banking Committee and the Senate Agriculture Committee into a single, unified text. However, she also indicated that this newly released version is unlikely to be the final one. Furthermore, provisions concerning conflict-of-interest restrictions on government officials’ participation in crypto-asset activities (the ethics clause) and certain measures targeting illicit financial activities are expected to undergo further discussion and revision over the weekend.