Final CLARITY Act Draft Introduces New Ethics and Developer Protections
- U.S. Senators Cynthia Lummis, John Boozman, and Tim Scott released the final draft of the CLARITY Act on September 14.
- The act enforces ethics restrictions on federal officials regarding digital assets, with penalties up to $500,000 for violations.
- Miners and validators receive protections under the Blockchain Regulatory Certainty Act, exempting them from registration as money transmitters.
- State attorneys general can enforce restrictions on exchanges listing assets issued in breach of ethics rules.
- The act includes a temporary measure for stablecoin reward limits if substantial deposit flight occurs in community banks.
Summary: The final draft of the CLARITY Act introduces significant changes including ethics restrictions for federal officials and protections for miners and validators under the Blockchain Regulatory Certainty Act. It also establishes conditions under which stablecoin reward limits may be imposed, showcasing a comprehensive approach to regulating digital asset activities.
