Senators Thom Tillis (R-NC) and Ruben Gallego (D-AZ) finalized on July 29 their bipartisan revision to the conflict-of-interest provisions of the Digital Asset Market Clarity Act, tightening restrictions on senior federal officials’ involvement with digital assets. This counteroffer responds to a White House-backed version that faced sharp criticism from Democrats, particularly over a 2029 sunset clause that would have let the restrictions expire. The bill aims to split regulatory authority between the SEC and CFTC while creating clearer frameworks for spot markets in digital commodities and addressing stablecoin yields. Most senators have not yet reviewed the new language, and the August recess looms as a deadline with Senate Majority Leader John Thune publicly expressing skepticism that the full bill can be completed before the break.
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