US Senate Republicans Release Updated Clarity Act with Revisions to Ethics, Stablecoin Yields, and BRCA

US Senate Republicans have released an updated version of the Clarity Act, incorporating revisions to ethics proposals approved by Donald Trump, as well as adjustments to the Blockchain Regulatory Certainty Act (BRCA), stablecoin yield provisions, and agricultural committee clauses. The new text narrows the scope of BRCA protections to the Bank Secrecy Act and civil enforcement, while removing language extending protections to criminal cases. Ethics provisions now require the divestment of significant crypto-related financial interests or their placement into blind trusts, with state attorneys general empowered to participate in enforcement. Additionally, a circuit breaker mechanism has been introduced for stablecoin yields, allowing federal regulators to intervene if community bank deposits shift significantly toward stablecoins, with the US Treasury Secretary serving as the final arbiter.