Senate weighs broad ban on federal officials issuing crypto under revised Clarity Act

The updated Clarity Act would ban presidents and other federal officials from issuing or sponsoring cryptocurrency or other digital assets, with enforcement by the DOJ and penalties up to $250,000 per day for violators. Democrats question DOJ-led enforcement and prefer state attorneys general as a backstop, while Republicans push to move the measure quickly with a Senate vote anticipated in the next couple of weeks before August recess. The bill also tightens ethics rules regarding crypto profits by public officials, and its fate depends on garnering 60 votes amid partisan disagreement.