Sen. Cynthia Lummis said President Donald Trump agreed to tougher ethics rules for federal officials as part of efforts to secure support for the CLARITY Act. The latest package would also give state attorneys general new enforcement powers.
Ethics rules expand
The Wyoming Republican said in an X thread that the revised text includes the Tillis-Gallego ethics framework and more than 120 requests from Democrats. State attorneys general would be able to enforce the ethics provisions against federal officials.
Related: BTC, ETH Dump Ahead of Tomorrow’s Crucial CLARITY Act Vote
The rules would apply to the president, vice president, members of Congress, federal judges and their spouses. Lummis said they address potential conflicts involving their investments. She presented the changes as part of the agreement needed to advance the CLARITY Act.
Crypto market provisions
The latest text would give the Treasury Department powers to respond to a surge in stablecoin-related withdrawals from community banks. It would also tighten restrictions on affiliate trading and conflicts of interest involving digital-commodity firms.
The Blockchain Regulatory Certainty Act section now focuses on Bank Secrecy Act requirements and civil enforcement. The bill also outlines consumer protections and safeguards for developers.
Republicans have described the revised package as their “last, best and final” offer to Democrats as lawmakers seek support for the bill.
Related: Trump Spurs Crypto Race as SGX Targets US Investors
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Source: https://coinedition.com/lummis-says-trump-accepts-ethics-curbs-to-help-seal-clarity/
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